Auto-parts manufacturer Garrett Motion Inc. filed for bankruptcy over a pandemic-driven sales drop and a dispute with Honeywell International Inc., proposing a $2.1 billion sale of the business to private-equity firm KPS Capital Partners LP. Switzerland-based Garrett said it would tap KPS as the lead bidder, or stalking horse, to acquire the company’s assets following its chapter 11 filing on Sunday in the U.S. Bankruptcy Court in Manhattan. The Wall Street Journal reported Friday that KPS had emerged as the leading contender...

Source: Wall Street Journal September 21, 2020 01:41 UTC