Garrett turbo files for bankruptcy
I didn't see this one coming. I hope they can hold it together and get back on their feet again. They make great turbos. Garrett turbocharger files for Chapter 11.
Forum Discussion
That's only part of it, I think the real; issue is the sentence before:
"According to Benzinga, Garrett took on "significant liabilities" during the spinoff in the form of payments to victims of asbestos exposure that originated from Honeywell's Bendix division."
Bottom line they were saddled with debt their business couldn't support. They are staying in business, the article goes on to say that a PE company is acquiring them for $2.1B to re-structure the debt.
"According to Benzinga, Garrett took on "significant liabilities" during the spinoff in the form of payments to victims of asbestos exposure that originated from Honeywell's Bendix division."
Bottom line they were saddled with debt their business couldn't support. They are staying in business, the article goes on to say that a PE company is acquiring them for $2.1B to re-structure the debt.
