Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on
As previously disclosed, on the Petition Date, certain of the Debtors (the
"Sellers") also entered into a share and asset purchase agreement (the "Stalking
Horse Purchase Agreement") with
In accordance with the terms of the Stalking Horse Purchase Agreement, on
In connection with the pledge, Sellers agreed to use (and to cause the Acquired Subsidiaries to use) commercially reasonable efforts to cause ICBC to release the pledge on the Customer Promissory Notes prior to closing of the sale pursuant to the Stalking Horse Purchase Agreement (the "Closing"). Sellers also agreed to replace the pledged Customer Promissory Notes with Cash Collateral (as defined in the Stalking Horse Purchase Agreement) at the Stalking Horse Bidder's written request no later than ten (10) business days' after such request is made. To the extent such Customer Promissory Notes remain pledged as of the Closing, the pledged Customer Promissory Notes shall generally be treated as if such pledged Customer Promissory Notes were "Cash Collateral" under the Stalking Horse Purchase Agreement.
The foregoing references to the Waiver Letter and the Stalking Horse Purchase
Agreement do not purport to be complete and are qualified in their entirety by
reference to the Waiver Letter, filed as Exhibit 10.1 hereto, and the Stalking
Horse Purchase Agreement previously filed as Exhibit 10.2 to the Company's
Current Report on Form 8-K, filed on
Cautionary Information Regarding Trading in the Company's Securities.
The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
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Forward-Looking Statements
This Current Report on Form 8-K contains "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 including without limitation the Company's statements
regarding its plans to pursue litigation against Honeywell and the Company's
Chapter 11 process. 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
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.1 Waiver Letter, datedOctober 12, 2020 , by and amongGarrett Motion Inc. ,Garrett Motion Holdings Inc. ,Garrett ASASCO Inc. ,Garrett Motion Holdings II Inc. andAMP Intermediate B.V. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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