Centerbridge and Oaktree completed the $1.3bn investment in Garrett Motion.

Investment firms Centerbridge and Oaktree completed the $1.3bn investment in Garrett Motion, an American company primarily involved in engineering, development and manufacturing of turbochargers and related forced induction systems. "Emergence is a significant achievement for Garrett, and I’m pleased that the restructuring received support from all of our constituencies, including senior lenders, senior noteholders, the Official Creditors Committee, Honeywell, a majority of common stockholders and the Official Equity Committee. Lenders and pre-petition creditors were paid in full, and Garrett operated without interruption throughout the reorganization, providing customers with the same high-quality products and services they have come to expect and maintaining strong partnerships with valued suppliers. Most importantly, Garrett has emerged with a new financing and capital structure that we believe will support our long-term viability and provide the resources and flexibility to accelerate our technology development," Olivier Rabiller, Garrett President and CEO.