SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

(Amendment No. 2)

Under the Securities Exchange Act of 1934

 

 

Garrett Motion Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

366505 105

(CUSIP Number)

Cetus Capital VI, L.P.

OFM II, L.P.

Robert E. Davis

Richard E. Maybaum

8 Sound Shore Drive

Suite 303

Greenwich, CT 06830

(203) 552-3500

January 22, 2021

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 366505 105

 

  1    

  Names of Reporting Persons.

 

  Cetus Capital VI, L.P.

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions):

 

  WC

  5  

   Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):

 

  ☐

  6  

  Citizenship or Place of Organization.

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  62,493

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  62,493

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  62,493

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  <0.1%

14  

  Type of Reporting Person (See Instructions)

 

  PN


CUSIP No. 366505 105

 

  1    

  Names of Reporting Persons.

 

  OFM II, L.P.

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions):

 

  5  

   Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):

 

  ☐

  6  

  Citizenship or Place of Organization.

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  43,427

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive

 

  43,427

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  43,427

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  <0.1%

14  

  Type of Reporting Person (See Instructions)

 

  PN


CUSIP No. 366505 105

 

  1    

  Names of Reporting Persons.

 

  Robert E. Davis

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions):

 

  NA

  5  

   Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):

 

  ☐

  6  

  Citizenship or Place of Organization.

 

  United States of America

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  105,920

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  105,920

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  105,920

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  0.1%

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 366505 105

 

  1    

  Names of Reporting Persons.

 

  Richard E. Maybaum

  2  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3  

  SEC Use Only

 

  4  

  Source of Funds (See Instructions):

 

  NA

  5  

   Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e):

 

  ☐

  6  

  Citizenship or Place of Organization.

 

  United States of America

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7     

  Sole Voting Power

 

  0

     8   

  Shared Voting Power

 

  105,920

     9   

  Sole Dispositive Power

 

  0

   10   

  Shared Dispositive Power

 

  105,920

11    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  105,920

12  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13  

  Percent of Class Represented by Amount in Row (11)

 

  0.1%

14  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 366505 105

 

EXPLANATORY NOTE

This Amendment No. 2 (this “Amendment No. 2”) to Schedule 13D amends and supplements the Schedule 13D (as amended, the “Schedule 13D”) filed by the Reporting Persons on December 21, 2020. Defined terms used but not defined herein shall have the meaning ascribed to them in the Schedule 13D.

Item 4. Purpose of Transaction

Item 4 of the Schedule 13D is amended and supplemented as follows:

As previously disclosed, the Investors submitted a proposal for the going concern financial restructuring of the Issuer and certain of its subsidiaries. The Issuer has selected an alternative proposal and the Investors have terminated their pursuit of their proposal.

Item 5. Interest in Securities of the Issuer

Item 5 of the Schedule 13D is amended and supplemented as follows:

(e) As a result of the circumstances described in Item 4 above, the Investors are no longer reporting their beneficial ownership of the Issuer’s Common Stock on a collective basis, and as of January 22, 2021, the Reporting Persons may no longer be deemed to be members of a “group” that beneficially owns more than five percent of the Issuer’s Common Stock. The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons were, for purposes of the Exchange Act, at any time members of a “group.”


CUSIP No. 366505 105

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: January 26, 2021

 

Date: January 26, 2021   

/s/ Robert E. Davis

   Robert E. Davis
Date: January 26, 2021   

/s/ Richard E. Maybaum

   Richard E. Maybaum
Date: January 26, 2021    Cetus Capital VI, L.P.
   By: Littlejohn Associates VI, L.L.C., its general partner
   Name:   

/s/ Richard E. Maybaum

   By:    Richard E. Maybaum, authorized signatory
Date: January 26, 2021    OFM II, L.P.
   By: Littlejohn Opportunities GP II, LLC, its general partner
   Name:   

/s/ Richard E. Maybaum

   By:    Richard E. Maybaum, authorized signatory


CUSIP No. 366505 105

 

Exhibit Index

 

Exhibit 1    Joint Filing Agreement by and among the Reporting Persons, dated as of December 21, 2020 (previously filed).
Exhibit 2    Bid Letter submitted by Cetus Capital VI, L.P., Owl Creek Asset Management, L.P., Warlander Asset Management, L.P., Jefferies LLC, Bardin Hill Opportunistic Credit Master Fund LP, and Marathon Asset Management L.P., dated as of December 10, 2020 (previously filed).
Exhibit 3    Proposed Backstop Commitment Agreement, dated as of December 20, 2020 (previously filed).
Exhibit 4    Revised Bid Letter submitted by Cetus Capital VI, L.P., Owl Creek Asset Management, L.P., Warlander Asset Management, L.P., Jefferies LLC, Bardin Hill Opportunistic Credit Master Fund LP, and Marathon Asset Management L.P., dated as of January 4, 2021 (previously filed).
Exhibit 5    Further Revised Bid Letter submitted by Cetus Capital VI, L.P., Owl Creek Asset Management, L.P., Warlander Asset Management, L.P., Jefferies LLC, Bardin Hill Opportunistic Credit Master Fund LP, and Marathon Asset Management L.P., dated as of January 5, 2021 (previously filed).