Item 7.01 Regulation FD Disclosure.
As previously disclosed, on September 20, 2020, Garrett Motion Inc. (the
"Company") and certain of its subsidiaries (collectively, the "Debtors") each
filed a voluntary petition for relief under chapter 11 of title 11 of the United
States Code in the United States Bankruptcy Court for the Southern District of
New York (the "Bankruptcy Court"). The Debtors' chapter 11 cases (the "Chapter
11 Cases") are being jointly administered under the caption "In re Garrett
Motion Inc., 20-12212."
On January 20, 2021, the Debtors jointly filed a monthly operating report for
the period from December 1, 2020 to December 31, 2020 (the "Monthly Operating
Report") with the Bankruptcy Court. A copy of the Monthly Operating Report is
attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference. This Current Report on Form 8-K (including exhibits hereto)
will not be deemed an admission as to the materiality of any information that is
required to be disclosed solely by Regulation FD. The Monthly Operating Report
and other filings with the Bankruptcy Court related to the Chapter 11 Cases are
available electronically at www.kccllc.net/garrettmotion. This website address
contains third-party content and is provided for convenience only. Third-party
content is the responsibility of the third party, and the Company disclaims
liability for such content.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1,
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities under that Section and shall not be deemed to be incorporated by
reference into any filing of the Company under the Securities Act of 1933 or the
Exchange Act.
Cautionary Information Regarding the Monthly Operating Report.
The Company cautions investors and potential investors not to rely upon the
information contained in the Monthly Operating Report, which was not prepared
for the purpose of providing the basis for an investment decision relating to
any of the securities of the Company. The Debtors have prepared the Monthly
Operating Report solely for the purpose of complying with the monthly reporting
requirements of the Bankruptcy Court. The Monthly Operating Report is not
presented on a consolidated basis and therefore does not present the
consolidated results of the Company and its subsidiaries. In addition, only
certain subsidiaries of the Company are Debtors, while other subsidiaries of the
Company are not Debtors. The Monthly Operating Report is limited in scope,
covers a limited time period, was not audited or reviewed by independent
accountants, was not prepared in accordance with generally accepted accounting
principles ("GAAP"), may not accurately reflect the condition of the Company or
the other Debtors on a GAAP basis, is in a format prescribed by applicable
bankruptcy laws or rules, is subject to future revision, adjustment and
reconciliation, and should not be viewed as indicative of future results. The
Monthly Operating Report also contains information for periods shorter and
otherwise different from those contained in the Company's reports required to be
filed pursuant to the Exchange Act.
Forward-Looking Statements
This Current Report on Form 8-K and the exhibit hereto may contain
"forward-looking statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements, other than statements of fact,
that address activities, events or developments that the Company or the
Company's management intend, expect, project, believe or anticipate will or may
occur in the future are forward-looking statements. Although the Company
believes forward-looking statements are based upon reasonable assumptions, such
statements involve known and unknown risks, uncertainties, and other factors,
which may cause the actual results or performance of the Company to be
materially different from any future results or performance expressed or implied
by such forward-looking statements. Such risks and uncertainties include, but
are not limited to those described in the Company's annual report on Form 10-K
for the year ended December 31, 2019, as updated by the Company's quarterly
report on Form 10-Q for the period ended September 30, 2020, as well as the
Company's other filings with the Securities and Exchange Commission, under the
headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking
Statements." You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this document.
Forward-looking statements are not guarantees of future performance, and actual
results, developments and business decisions may differ from those envisaged by
the Company's forward-looking statements.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Monthly Operating Report for the period from December 1, 2020 to
December 31, 2020, filed with the United States Bankruptcy Court for
the Southern District of New York.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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