Garrett Motion has filed for Chapter 11 protection
On September 20, 2020, Garrett Motion Inc. announced that it has entered into a definitive transaction agreement with KPS Capital Partners, LP as stalking horse bidder to purchase Garret Motion's business. To address balance sheet issues and facilitate the purchase, various entities of Garrett Motion group have filed for Chapter 11 protection with the United States Bankruptcy Court for the Southern District of New York.
Lenz & Staehelin acts as Swiss counsel to Garrett Motion. The team includes Guy Vermeil (Corporate), Tanja Luginbühl, David Ledermann, Roland Fischer and Clément Bouvier (all Restructuring and Finance), Dominique Müller and Janine Häsler (Litigation), Rayan Houdrouge (Employment and Pensions) and Frédéric Neukomm (Taxes).