Garrett Motion Bondholders Said to Discuss Rival Bankruptcy Loan
- Junior creditors are in talks with investment bank Moelis
- Company is also weighing deal from Oaktree and Centerbridge
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Junior creditors to auto-parts maker Garrett Motion Inc. are preparing a rival proposal to provide the bankrupt company with financing for its restructuring, according to people with knowledge of the matter.
The group of bondholders organized and is in the process of hiring investment bank Moelis & Co. to represent them in the case and submit an offer for a debtor-in-possession loan, the people said, asking not to be identified discussing a private matter. The group is getting legal advice from Ropes & Gray, Bloomberg previously reported.