$GTX #GTX Garrett Motion files for bankruptcy with $2.1B KPS offer Sep. 20, 2020 10:55 PM ETGarrett Motion Inc. (GTX)By: Carl Surran, SA News Editor14 Comments Garrett Motion (NYSE:GTX) officially files for Chapter 11 bankruptcy protection while also proposing a $2.1B sale of the business to private-equity firm KPS Capital Partners. Garrett says KPS will be its stalking horse to acquire the company's assets following its bankruptcy filing on Sunday in the U.S. Bankruptcy Court in Manhattan. "Although the fundamentals of our business are strong... the financial strains of the heavy debt load and liabilities we inherited in the spinoff from Honeywell - all exacerbated by COVID-19 - have created a significant long-term burden on our business," CEO Olivier Rabiller says. When the two companies separated in 2018, Garrett agreed to reimburse Honeywell for certain payouts to victims of asbestos exposure stemming from Honeywell's Bendix division, but the company sued last year for a court order seeking to unwind the reimbursement deal. = Банкрот