secwatch.observer — SEC 8-K summary
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Issuer:     Garrett Motion Inc. (GTX)
CIK:        0001735707
Form:       8-K
Filed at:   2023-04-13T23:59:59+00:00
Accession:  0001735707-23-000032
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Garrett Motion to convert all Series A Preferred into Common, repurchase $570M from Centerbridge and Oaktree
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- Convert all Series A Preferred to Common on/around July 3, 2023; eliminates 11% dividend, adds >$100M annual cash flow.
- Repurchase ~$570M of Series A Preferred from Centerbridge and Oaktree at adjusted $8.10/share; each stake falls to 15%.
- Board increases share repurchase authorization to $250 million.
- Centerbridge and Oaktree reduce board nomination rights to one each; 50% lock-up for 6 months, rest for 12 months.
- Transaction subject to ~$700M new term loan B debt financing, expected to close in Q2 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1735707/000173570723000032/0001735707-23-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1735707/000173570723000032/gtx-20230413.htm
  HTML page:      https://secwatch.observer/filing/0001735707-23-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer