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."

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Amy Harder, author of Generate
4 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."