Garrett Motion Creditors Seek Honeywell Support for Rival Loan
- Oaktree, Centerbridge propose loan to rival KPS offer
- Garrett sought bankruptcy protection to manage asbestos claims
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Oaktree Capital Management and Centerbridge Partners are seeking the support of Honeywell International Inc. for their proposed Garrett Motion Inc. bankruptcy loan as they consider making a bid for the assets of the bankrupt auto supplier.
The two investment firms would aim to cut a deal with Honeywell to resolve Garrett’s $1.3 billion in disputed asbestos liabilities and win the conglomerate’s approval for their bid, according to people familiar with the plans.