Garrett Motion Inc.: Garrett Motion Successfully Completes Chapter 11 Restructuring With New Capital and Strong Balance Sheet
Reduces Funded Debt to $1.25 Billion Equivalent Term Loan and $300 Million Revolving Credit Facility
Eliminates Asbestos Indemnity and Settles All Litigation with Honeywell
Bolsters Resources and Flexibility to Accelerate Technology Development
Trading of New Common Stock Expected to Commence on Nasdaq on May 3, 2021
Garrett Motion Inc. ( Garrett ) today announced it has emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization ( Plan ) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on April 23, 2021. With the support of a significant majority of its stakeholders, led by funds managed by Centerbridge Partners, L.P. ( Centerbridge ) and funds managed by Oaktree Capital Management, L.P. ( Oaktree ), Garrett will remain a publicly traded
eToro CEO And Serial SPAC Dealmaker Betsy Cohen On The Merger
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Garrett Motion Inc.: Garrett Motion Consensual Plan of Reorganization Receives Court Approval
Chapter 11 Emergence is Expected on April 30
Garrett Motion Inc. ( Garrett ) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company s Plan of Reorganization ( Plan ), positioning Garrett to complete the implementation of the Plan, led by funds managed by Centerbridge Partners, L.P. ( Centerbridge ) and Oaktree Capital Management, L.P. ( Oaktree ). Garrett expects that effective date will occur as soon as all conditions precedent to the Plan have been satisfied, and is currently targeting emergence by April 30, 2021.
The Plan received the overwhelming support of all voting classes, including 100% of the bank lenders, 100% of the bondholders and 94% of stockholders who voted on the Plan.
Mining M&A deals top $13 billion in Q1 report
Bay Street. Image from Wikimedia Commons.
According to GlobalData, a UK-based data and analytics company, a total of 374 mergers and acquisitions (M&A) deals were announced in the mining sector during Q1 2021. Total deal value for the sector reached $13 billion for the quarter, an 8.3% increase on the $12 billion recorded in Q1 2020.
In Q1 2021, TD Securities was the top M&A financial adviser in the sector by volume, while Goldman Sachs and Perella Weinberg Partners jointly held the top position by value. Both Goldman Sachs and Perella Weinberg Partners advised on one deal each worth $1.7 billion, which was the highest value among all the advisers.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
HealthEquity to Acquire Further
HealthEquity, Inc.April 8, 2021 GMT
DRAPER, Utah, April 08, 2021 (GLOBE NEWSWIRE) HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity”), the nation’s largest independent health savings account (“HSA”) custodian, today announced that it had entered into a definitive agreement to acquire Further, a leading provider of HSA and consumer directed benefit administration services, and the nation’s ninth largest HSA custodian overall.
The acquisition of Further and its technology expands HealthEquity’s leadership in the growing HSA market, enhances its ability to drive growth with health plans and other go-to-market partners, and adds to its Total Solution offering of remarkable products backed by trademark Purple service, education and engagement to help working families connect health and wealth.
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