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 > Garrett turbo files for bankruptcy

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Turtle n Peeps

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Posted: 09/22/20 11:10am Link  |  Quote  |  Print  |  Notify Moderator

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.


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BenK

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Posted: 09/22/20 11:34am Link  |  Quote  |  Print  |  Notify Moderator

X2

Haven't read the article...what happened ?


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Turtle n Peeps

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Posted: 09/22/20 11:42am Link  |  Quote  |  Print  |  Notify Moderator

Ben: they said they aren't selling enough turbos because of CV19? I haven't kept up on auto sales with turbos so I don't know if that's a BS story or not?

BurbMan

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Posted: 09/22/20 11:51am Link  |  Quote  |  Print  |  Notify Moderator

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.


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wilber1

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Posted: 09/22/20 12:21pm Link  |  Quote  |  Print  |  Notify Moderator

Looks like Honeywell used them to dump a bunch of debt and asbestos liabilities. Vulture capitalism.

Garrett Files Suit

Wonder how Honeywell convinced people to accept shares in this scam.


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BenK

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Posted: 09/22/20 12:36pm Link  |  Quote  |  Print  |  Notify Moderator

IMHO...screwed by corporate management (that bought them)

edbehnke

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Posted: 09/22/20 02:04pm Link  |  Quote  |  Print  |  Notify Moderator

lots of companies and small businesses are doing this blaming CV19. regardless, they will continue in business.


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wilber1

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Posted: 09/22/20 03:32pm Link  |  Quote  |  Print  |  Notify Moderator

BenK wrote:

IMHO...screwed by corporate management (that bought them)


Investors got one new Garrett share for every 10 Honeywell shares they owned. No one bought them. Looks like it was just done to get out from under the asbestos liability.

So will the liability go back to Honeywell if Garrett goes bust?

Turtle n Peeps

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Posted: 09/22/20 06:15pm Link  |  Quote  |  Print  |  Notify Moderator

wilber1 wrote:

So will the liability go back to Honeywell if Garrett goes bust?


Really good question.
I worked as a contractor in the 80's for Dow Chemical and when we stripped asbestos back then they told us that Dow Chemical owned that asbestos for life. It was trucked to a HW dump around Redding Ca. They said if it had to be moved for some reason Dow Chemical was responsible for the bill........for life. [emoticon]

tempforce

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Posted: 09/22/20 09:01pm Link  |  Quote  |  Print  |  Notify Moderator

typical hostile takeover, then use the company finances to bail out the parent company. then dumps the company they bought which is now saddled with debts.. sorta like what Mercedes did to Chrysler.

Honeywell used to sell electronics, not anything fancy. they sold slide projectors and other consumer electronics. they sold major electrical devices. they weren't financially strong. until they started acquiring companies with strong credit.


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