Garret files for chapter 11

hobby-man

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Isn't chapter 11 more to do with organizing and restructuring debt? Not like they're out of business or anything.
 
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Isn't chapter 11 more to do with organizing and restructuring debt? Not like they're out of business or anything.
I'm nott sure exactly, it says they will remain in business under ownership of a equity firm. Whatever that means.
 

gtman

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Like h-m said, this is Garrett restructuring (to reduce debt) but staying in business. Companies in some financial difficulty do this all the time.
 
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Like h-m said, this is Garrett restructuring (to reduce debt) but staying in business. Companies in some financial difficulty do this all the time.
I guess I'm suprised that Garrett is having financial trouble.
 


fenix-silver

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Buy more turbo cars.
The odd part is that there are so many more turbocharged vehicles than there used to be. But, that doesn't mean that Garrett in this case isn't maybe just bad at business.
 

Feddy_Ace

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The odd part is that there are so many more turbocharged vehicles than there used to be. But, that doesn't mean that Garrett in this case isn't maybe just bad at business.
With the pandemic a lot of people are out of work or strapped for cash. It’s likely people aren’t buying expensive turbochargers.
 

fenix-silver

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With the pandemic a lot of people are out of work or strapped for cash. It’s likely people aren’t buying expensive turbochargers.
Yeah, I'm not sure how much Garrett supplies OEMs vs doing aftermarket stuff. I always assumed they supplied a lot of OEMs, but obviously the auto industry as a whole is struggling right now. Very possible that they weren't in a good position coming into the pandemic.
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