Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock

ROLLE, Switzerland, April 13, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that it has entered into definitive agreements (the “Agreements”) with Centerbridge Partners, L.P. (“Centerbridge”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to simplify the Company’s capital structure by converting all outstanding Series A Preferred Stock into a single class of Common Stock, on or about July 3, 2023, subject to certain conditions. The agreements contemplate the repurchase of approximately $285 million of Series A Preferred Stock from each of Centerbridge and Oaktree at a market-based price, without premium, and provide for a reduction in governance rights, as well as lock-up and other agreements.

Related tickers: GTX, GTXAP.

ROLLE, Switzerland, March 08, 2023 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated automotive technology provider, today announced that the first quarter dividend for the Series A 11% PIK Preferred Stock will be made in cash and is in lieu of allowing the first quarter dividend to accrete. On March 8, 2023, the Disinterested Directors Committee of the Board of Directors of Garrett declared a quarterly cash dividend of $0.17 per share, which will be paid on April 3, 2023, to holders of record as of the close of business on March 22, 2023.

Related tickers: GTX, GTXAP.