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Illustration: Sarah Grillo/Axios

Garrett Motion, a New York-listed auto parts manufacturer based in Switzerland, filed for a prepackaged Chapter 11 bankruptcy that would include a $2.1 billion sale to KPS Capital Partners.

Behind the scenes: This deal is driven as much by ongoing litigation with former parent company Honeywell as it is by the pandemic-driven slowdown in auto manufacturing.

  • As part of its 2018 split, Garrett had agreed to reimburse Honeywell for certain asbestos exposure victim costs, but it's since sued to invalidate that agreement.
  • Honeywell, not surprisingly, takes a dim view of Garrett's bankruptcy filing.

More details, per the WSJ: "Top lenders are supplying Garrett with $250 million in loans to carry it through bankruptcy, the company said. Other potential bidders will get the chance to top the offer from KPS, which is providing some of the bankruptcy loan."

Go deeper

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.

Ina Fried, author of Login
Updated 42 mins ago - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

1 hour ago - Technology

Facebook stock whipsaws amid ad targeting concerns

Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Facebook's stock showed volatility in after-hours trading Wednesday, despite adding users and beating on top and bottom lines.

Why it matters: Investors seem spooked by proposed changes to user data collection by Apple that would impact Facebook's ad business, in addition to perennial threats of new federal privacy regulations.