Garrett Motion Inc. - FORM 8-K - EX-99.1

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8-K - 8-K - Garrett Motion Inc.	d275331d8k.htm

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF NEW YORK


In re Garrett Motion Inc., et al.,		Case No: 20-12212 (Jointly Administered)
Debtors		Reporting Period: January 2021
		Fed. Tax I.D No.: 82-4873189

MONTHLY OPERATING REPORT


Required Documents	Form No.	Document Attached	Explanation Attached
Schedule of Cash Receipts	MOR-1a	X
Schedule of Cash Disbursements	MOR-1b	X
Bank Account Information	MOR-1c	X
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Post-Petition Taxes	MOR-4a		X
Accounts Payable Aging	MOR-4b	X
Accounts Receivable Aging	MOR-5	X
Payments to Professionals	MOR-6	X
Debtor Questionnaire	MOR-7	X

This Monthly Operating Report has been prepared solely for the purposes of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format that the Debtors believe is acceptable to the U.S. Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with accounting principles generally accepted in the United States.

I declare under penalty of perjury that this report and the attached documents are true and correct to the best of my knowledge and belief.


/s/ Sean Deason				February 22, 2021
Sean Deason
Chief Financial Officer

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS

AND DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORTS

On September 20, 2020 (the “Petition Date”), Garrett Motion Inc. (“Garrett”) and 36 of its direct and indirect subsidiaries (collectively with Garrett, the “Debtors”), each commenced a voluntary case under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Debtors are authorized to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On September 21, 2020, the Bankruptcy Court entered an order authorizing the joint administration of these chapter 11 cases pursuant to Bankruptcy Rule 1015(b). On October 5, 2020, the United States Trustee for the Southern District of New York (the “U.S. Trustee”) appointed an official committee of unsecured creditors pursuant to section 1102(a)(1) of the Bankruptcy Code. On November 18, 2020, the U.S. Trustee appointed an official committee of equity securities holders pursuant to section 1102(a) of the Bankruptcy Code.

The following notes and statements and limitations should be referred to, and referenced in connection with, any review of the MOR (as defined below).

Basis of Presentation. The Debtors are filing their consolidated monthly operating report (the “MOR”) solely for purposes of complying with the monthly operating requirements applicable in the Debtors’ chapter 11 cases. The MOR is in a format acceptable to the U.S. Trustee. The MOR should not be relied upon by any persons for information relating to current or future financial conditions, events, or performance of any of the Debtors or their affiliates.

This MOR has not been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and does not include all of the information and footnotes required by U.S. GAAP. Therefore, there can be no assurance that the consolidated financial information presented herein is complete, and readers are strongly cautioned not to place undue reliance on the MOR.

The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this report includes primarily normal recurring adjustments but does not include all the adjustments that would typically be made for the quarterly and annual consolidated financial statements to be in accordance with U.S. GAAP. Certain adjusting entries (including, but not limited to, income tax expense and intercompany profit eliminations) are only prepared on a quarterly basis and therefore such adjustments included here are based on information as of December 31, 2020. No entry for the equity interest in earnings of unconsolidated entities is included in these financial statements. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that the Debtors apply in the preparation of their quarterly and annual consolidated financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.

The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.

Reporting Period. Unless otherwise noted herein, the MOR generally reflects the Debtors’ books and records and financial activity occurring during the applicable reporting period. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.

Consolidated Entity Accounts Payable and Disbursement Systems. Cash is received and disbursed by the Debtors in a manner consistent with the Debtors’ historical cash management practices, as described in the Debtors’ Motion for Entry of Interim and Final Orders (I) Authorizing, But Not Directing, the Debtors to (A) Continue to Use Their Cash Management System, Including Existing Bank Accounts, (B) Pay or Honor Certain Prepetition Obligations Related Thereto and (C) Maintain Existing Business Forms, (II) Authorizing Intercompany Transactions, (III) Waiving the Requirements of Section 345(b) and (IV) Granting Related Relief [D.I. 14].

Accuracy. The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors are not liable for and undertake no responsibility to indicate variations from securities laws herein or for any evaluations of the Debtors based on this financial information or any other information. The MOR has been signed by Sean Deason, Chief Financial Officer of Debtor Garrett Motion Inc. Accordingly, in reviewing and signing the MOR, Mr. Deason necessarily relied upon the efforts, statements, and representations of the Debtors’ other personnel and advisors. Mr. Deason has not (and could not have) personally verified the accuracy of each such statement and representation or financial information provided by the Debtor entities.

Debtor in Possession Financing. On October 23, 2020, the Debtors received authorization from the Bankruptcy Court to access $200 million in debtor-in-possession financing on a final basis pursuant to the Final Order (I) Authorizing Debtors to (A) Obtain Post-petition Financing and (B) Use Cash Collateral, (II) Granting Liens and Providing Claims with Superpriority Administrative Expense Status, (III) Granting Adequate Protection to the Prepetition Secured Parties, (III) Modifying the Automatic Stay, and (V) Granting Related Relief [D.I. 281] (the “DIP Order”). Please see the DIP Order for additional detail.

Payment of Prepetition Claims Pursuant to First Day Orders. Within the first four days of the Debtors’ chapter 11 cases, the Bankruptcy Court entered orders (the “First Day Orders”) authorizing, but not directing, the Debtors to pay, on an interim basis, certain prepetition (a) claims of critical vendors, shippers, warehousemen, other potential lien claimants, and foreign creditors; (b) taxes; (c) employee wages, salaries, and other compensation and benefits; and (d) obligations related to the use of the Debtors’ cash management system, among other things. The Bankruptcy Court subsequently approved the relief requested in connection with the First Day Orders on a final basis. To the extent any payments were made on account of prepetition claims following the commencement of these chapter 11 cases pursuant to the authority granted to the Debtors by the Bankruptcy Court under the First Day Orders, such payments have been included in the MOR.

Reservation of Rights. The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 cases.

Specific MOR Disclosures.

Notes to MOR-1a: Cash receipts related to intercompany transfers among the Debtors and their non-Debtor affiliates are deducted from total cash receipts. Cash receipts are from January 1, 2021 through January 31, 2021.

Notes to MOR-1b: Cash disbursements related to intercompany transfers among the Debtors and their non-debtor affiliates are deducted from total cash disbursements. Cash disbursements are from January 1, 2021 through January 31, 2021 and are presented on the entity for whose benefit the amounts were paid.

Notes to MOR-1c: All amounts listed are bank balances as of the end of the month.

Notes to MOR-2 and MOR-3: Preliminary unaudited financial statements subject to change, in particular the accounts do not include final tax entries, pension entries, or reclassification of Liabilities Subject to Compromise and are still subject to final management review and audit.

Notes to MOR-4a: For status of post-petition tax payments, see disclosures as noted on MOR-4a. Due to the size and detail of such records, (i) copies of IRS Form 6123 or payment receipts; (ii) copies of tax returns filed during the reporting period; and (iii) a taxes aging schedule will be made available upon reasonable request in writing to counsel for the Debtors.

Notes to MOR-4b: The Debtors maintain a detailed aging of post-petition trade accounts payable. The post-petition trade payable aging is as of January 31, 2021. The Debtors believe that the information as disclosed in MOR-4b appropriately summarizes the ending accounts payable balances of the Debtors. Currency exchange has created certain reconciling differences between subledger aging reports and consolidated financials. Due to the volume of transactions related to vendor payments, the accounts payable reconciliation is not presented by vendor.

Notes to MOR-5: The Debtors maintain an aging of trade accounts receivable which includes trade activity with affiliates. The Debtors believe that the information as disclosed in MOR-5 appropriately summarizes the ending accounts receivable of the Debtors. Detail of customer activity is not provided due to confidentiality.

Notes to MOR-6: The Debtors paid retained professionals in accordance with the Order Pursuant to Sections 105(a) and 331 of the Bankruptcy Code, Bankruptcy Rule 2016 and Local Rule 2016-1 Establishing Procedures for Monthly Compensation and Reimbursement of Expenses of Professionals [D.I. 291]. The Debtors also paid amounts to professionals to the extent required under the DIP Order, which payments are excluded from the MOR.


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

General: This MOR includes activity from the following Debtors and related case numbers


Entity Name		Case Number
GARRETT ASASCO INC.		20-12211 (MEW)
GARRETT MOTION INC.		20-12212 (MEW)
BRH LLC		20-12213 (MEW)
CALVARI LIMITED		20-12214 (MEW)
FRICTION MATERIALS LLC		20-12215 (MEW)
GARRETT BORROWING LLC		20-12216 (MEW)
GARRETT HOLDING COMPANY S.A.R.L.		20-12217 (MEW)
GARRETT LX I S.A.R.L.		20-12218 (MEW)
GARRETT LX II S.A.R.L.		20-12219 (MEW)
GARRETT LX III S.A.R.L.		20-12220 (MEW)
GARRETT MOTION AUSTRALIA PTY LIMITED		20-12221 (MEW)
GARRETT MOTION AUTOMOTIVE RESEARCH MEXICO		20-12222 (MEW)
GARRETT MOTION HOLDINGS INC.		20-12223 (MEW)
GARRETT MOTION HOLDINGS II INC.		20-12224 (MEW)
GARRETT MOTION INTERNATIONAL S		20-12225 (MEW)
GARRETT MOTION IRELAND A LIMITED		20-12226 (MEW)
GARRETT MOTION IRELAND B LIMITED		20-12227 (MEW)
GARRETT MOTION IRELAND C LIMITED		20-12228 (MEW)
GARRETT MOTION IRELAND LIMITED		20-12229 (MEW)
GARRETT MOTION ITALIA S.R.L.		20-12230 (MEW)
GARRETT MOTION JAPAN INC.		20-12231 (MEW)
GARRETT MOTION LLC		20-12232 (MEW)
GARRETT MOTION MEXICO, SOCIEDAD		20-12233 (MEW)
GARRETT MOTION ROMANIA S.A.R.L.		20-12234 (MEW)
GARRETT MOTION SRL		20-12235 (MEW)
GARRETT MOTION SLOVAKIA S.R.O.		20-12236 (MEW)
GARRETT MOTION SWITZERLAND HOLDINGS SARL		20-12237 (MEW)
GARRETT MOTION UK A LIMITED		20-12238 (MEW)
GARRETT MOTION UK B LIMITED		20-12239 (MEW)
GARRETT MOTION UK C LIMITED		20-12240 (MEW)
GARRETT MOTION UK D LIMITED		20-12241 (MEW)
GARRETT MOTION UK LIMITED		20-12242 (MEW)
GARRETT TRANSPORTATION I INC.		20-12243 (MEW)
GARRETT TRANSPORTATION SYSTEMS UK LTD		20-12244 (MEW)
GARRETT TRANSPORTATION SYSTEMS UK II LTD		20-12245 (MEW)
GARRETT TS LTD		20-12246 (MEW)
GARRETT TURBO LTD		20-12247 (MEW)


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-1a: Schedule of Cash Receipts

($USD Whole Dollars)

GARRETT MOTION & RELATED DEBTORS:

SCHEDULE OF CASH RECEIPTS (LESS INTERCOMPANY TRANSFERS)


Case Number	Debtor	Total Receipts		Less Intercompany Transfers: (Specify To Which Debtor or Non-Debtor Funds are being Transferred)		Net Receipts
081-20-12211	GARRETT ASASCO INC.	$	—	$	—	$	—
081-20-12212	GARRETT MOTION INC.	$	—	$	—	$	—
081-20-12213	BRH LLC	$	—	$	—	$	—
081-20-12214	CALVARI LIMITED	$	—	$	—	$	—
081-20-12215	FRICTION MATERIALS LLC	$	—	$	—	$	—
081-20-12216	GARRETT BORROWING LLC	$	—	$	—	$	—
081-20-12217	GARRETT HOLDING COMPANY S.A.R.L.	$	—	$	—	$	—
081-20-12218	GARRETT LX I S.A.R.L.	$	—	$	—	$	—
081-20-12219	GARRETT LX II S.A.R.L.	$	—	$	—	$	—
081-20-12220	GARRETT LX III S.A.R.L.	$	—	$	—	$	—
081-20-12221	GARRETT MOTION AUSTRALIA PTY LIMITED	$	—	$	—	$	—
081-20-12222	GARRETT MOTION AUTOMOTIVE RESEARCH MEXICO	$	—	$	—	$	—
081-20-12223	GARRETT MOTION HOLDINGS INC.	$	—	$	—	$	—
081-20-12224	GARRETT MOTION HOLDINGS II INC.	$	—	$	—	$	—
081-20-12225	GARRETT MOTION INTERNATIONAL S	$	—	$	—	$	—
081-20-12226	GARRETT MOTION IRELAND A LIMITED	$	—	$	—	$	—
081-20-12227	GARRETT MOTION IRELAND B LIMITED	$	—	$	—	$	—
081-20-12228	GARRETT MOTION IRELAND C LIMITED	$	—	$	—	$	—
081-20-12229	GARRETT MOTION IRELAND LIMITED	$	—	$	—	$	—
081-20-12230	GARRETT MOTION ITALIA S.R.L.	$	—	$	—	$	—
081-20-12231	GARRETT MOTION JAPAN INC.	$	26,567,052	$	11,148,468	$	15,418,584
081-20-12232	GARRETT MOTION LLC	$	—	$	—	$	—
081-20-12233	GARRETT MOTION MEXICO, SOCIEDAD	$	2,237,073	$	2,237,073	$	—
081-20-12234	GARRETT MOTION ROMANIA S.A.R.L.	$	—	$	—	$	—
081-20-12235	GARRETT MOTION SRL	$	186,467,174	$	14,333,493	$	172,133,682
081-20-12236	GARRETT MOTION SLOVAKIA S.R.O.	$	—	$	—	$	—
081-20-12237	GARRETT MOTION SWITZERLAND HOLDINGS SARL	$	—	$	—	$	—
081-20-12238	GARRETT MOTION UK A LIMITED	$	—	$	—	$	—
081-20-12239	GARRETT MOTION UK B LIMITED	$	—	$	—	$	—
081-20-12240	GARRETT MOTION UK C LIMITED	$	—	$	—	$	—
081-20-12241	GARRETT MOTION UK D LIMITED	$	—	$	—	$	—
081-20-12242	GARRETT MOTION UK LIMITED	$	—	$	—	$	—
081-20-12243	GARRETT TRANSPORTATION I INC.	$	51,459,865	$	121,316	$	51,338,549
081-20-12244	GARRETT TRANSPORTATION SYSTEMS UK LTD	$	—	$	—	$	—
081-20-12245	GARRETT TRANSPORTATION SYSTEMS UK II LTD	$	—	$	—	$	—
081-20-12246	GARRETT TS LTD	$	—	$	—	$	—
081-20-12247	GARRETT TURBO LTD	$	—	$	—	$	—

	GRAND TOTALS:	$	266,731,164	$	27,840,349	$	238,890,815


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-1b: Schedule of Cash Disbursements

($USD Whole Dollars)

ION & RELATED DEBTORS:

SH DISBURSEMENTS (LESS INTERCOMPANY TRANSFERS)


Debtor	Disbursements:		Less Intercompany Transfers: (Specify To Which Debtor or Non- Debtor Funds are being Transferred)		Total Disbursements (for quarterly fee purposes):
GARRETT ASASCO INC.	$	—	$	—	$	—
GARRETT MOTION INC.	$	7,311,422	$	—	$	7,311,422
BRH LLC	$	—	$	—	$	—
CALVARI LIMITED	$	—	$	—	$	—
FRICTION MATERIALS LLC	$	—	$	—	$	—
GARRETT BORROWING LLC	$	—	$	—	$	—
GARRETT HOLDING COMPANY S.A.R.L.	$	—	$	—	$	—
GARRETT LX I S.A.R.L.	$	—	$	—	$	—
GARRETT LX II S.A.R.L.	$	—	$	—	$	—
GARRETT LX III S.A.R.L.	$	3,032,749	$	—	$	3,032,749
GARRETT MOTION AUSTRALIA PTY LIMITED	$	619,137	$	—	$	619,137
GARRETT MOTION AUTOMOTIVE RESEARCH MEXICO	$	244,491	$	—	$	244,491
GARRETT MOTION HOLDINGS INC.	$	—	$	—	$	—
GARRETT MOTION HOLDINGS II INC.	$	—	$	—	$	—
GARRETT MOTION INTERNATIONAL S	$	1,097,576	$	—	$	1,097,576
GARRETT MOTION IRELAND A LIMITED	$	—	$	—	$	—
GARRETT MOTION IRELAND B LIMITED	$	—	$	—	$	—
GARRETT MOTION IRELAND C LIMITED	$	—	$	—	$	—
GARRETT MOTION IRELAND LIMITED	$	6,543,724	$	—	$	6,543,724
GARRETT MOTION ITALIA S.R.L.	$	698,705	$	—	$	698,705
GARRETT MOTION JAPAN INC.	$	25,693,076	$	18,047,305	$	7,645,771
GARRETT MOTION LLC	$	—	$	—	$	—
GARRETT MOTION MEXICO, SOCIEDAD	$	3,955,907	$	—	$	3,955,907
GARRETT MOTION ROMANIA S.A.R.L.	$	5,380,006	$	—	$	5,380,006
GARRETT MOTION SRL	$	159,856,410	$	12,787,809	$	147,068,601
GARRETT MOTION SLOVAKIA S.R.O.	$	6,081,586	$	—	$	6,081,586
GARRETT MOTION SWITZERLAND HOLDINGS SARL	$	—	$	—	$	—
GARRETT MOTION UK A LIMITED	$	—	$	—	$	—
GARRETT MOTION UK B LIMITED	$	—	$	—	$	—
GARRETT MOTION UK C LIMITED	$	—	$	—	$	—
GARRETT MOTION UK D LIMITED	$	—	$	—	$	—
GARRETT MOTION UK LIMITED	$	1,412,873	$	—	$	1,412,873
GARRETT TRANSPORTATION I INC.	$	87,101,159	$	—	$	87,101,159
GARRETT TRANSPORTATION SYSTEMS UK LTD	$	—	$	—	$	—
GARRETT TRANSPORTATION SYSTEMS UK II LTD	$	—	$	—	$	—
GARRETT TS LTD	$	—	$	—	$	—
GARRETT TURBO LTD	$	—	$	—	$	—

GRAND TOTALS:	$	309,028,822	$	30,835,113	$	278,193,709


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-1c: Bank Account Information


#	Account # (Last 4 Digits)	Debtor	Bank	Balance as of Jan 31, 2021
1	2684	Garrett Motion Mexico S.A. de C.V	Banco Bilbao Vizcaya Argentaria S.A.	$	1,286,516
2	7183	Garrett Motion Sarl	Banque Cantonale Vaudoise	$	0
3	7184	Garrett Motion Sarl	Banque Cantonale Vaudoise	$	0
4	7182	Garrett Motion Sarl	Banque Cantonale Vaudoise	$	0
5	5215	Garrett Motion UK Limited	Barclays Bank PLC	$	91,552
6	5818	Garrett Motion UK Limited	Barclays Bank PLC	$	0
7	0019	Garrett Motion UK Limited	Barclays Bank PLC	$	0
8	2001	Garrett Motion Sarl	Basellandschaftliche Kantonalbank	$	0
9	2004	Garrett Motion Sarl	BNP Paribas SA	$	857,483
10	2006	Garrett Motion Sarl	BNP Paribas SA	$	553,255
11	2001	Garrett Motion Sarl	BNP Paribas SA	$	587,433
12	2002	Garrett Motion Sarl	BNP Paribas SA	$	54,441
13	9001	Garrett Motion Sarl	BNP Paribas SA	$	0
14	2005	Garrett Motion Sarl	BNP Paribas SA	$	190,875
15	2007	Garrett Motion Sarl	BNP Paribas SA	$	498
16	1289	Garrett Motion Italia S.r.l.	BNP Paribas SA	$	604,902
17	0173	Garrett Motion International Services S.r.l	BNP Paribas SA	$	13,018
18	1001EUR	Garrett Motion International Services S.r.l	BNP Paribas SA	$	241,961
19	1001RON	Garrett Motion International Services S.r.l	BNP Paribas SA	$	1,241,434
20	1002	Garrett Motion International Services S.r.l	BNP Paribas SA	$	1,241,434
21	0001EUR	Garrett Motion Romania S.r.l.	BNP Paribas SA	$	1,209,804
22	0004	Garrett Motion Romania S.r.l.	BNP Paribas SA	$	0
23	0001RON	Garrett Motion Romania S.r.l.	BNP Paribas SA	$	744,860
24	0002	Garrett Motion Romania S.r.l.	BNP Paribas SA	$	2,482,868
25	5388	Garrett Motion Sarl	Citibank N.A.	-$	56
26	7010	Garrett Motion Sarl	Citibank N.A.	$	120,684,989
27	8025	Garrett Motion Ireland A Limited	Citibank N.A.	$	12,098
28	9048	Garrett Motion Ireland Limited	Citibank N.A.	$	3,024,511
29	2008	Garrett Motion Automotive Research Mexico S. de R.L. de C.V	Citibank N.A.	$	287,295
30	5837	Garrett Motion Mexico S.A. de C.V	Citibank N.A.	$	552
31	9008	Garrett Motion Mexico S.A. de C.V	Citibank N.A.	$	1,245
32	4445	Garrett Motion Mexico S.A. de C.V	Citibank N.A.	$	1,072,620
33	0001	Garrett Motion Slovakia s.r.o.	Citibank N.A.	$	3,024,511
34	0108	Garrett Motion Slovakia s.r.o.	Citibank N.A.	$	2,419,609
35	2629	Garrett Motion International Services S.r.l	Citibank N.A.	$	17,862
36	8719	Garrett Motion Sarl	Deutsche Bank AG	$	0
37	8775	Garrett Motion Sarl	Deutsche Bank AG	$	1,504,673
38	8737	Garrett Motion Sarl	Deutsche Bank AG	$	940,085
39	32500	Garrett Motion Japan, Inc.	Deutsche Bank AG	$	130,749
40	30000	Garrett Motion Japan, Inc.	Deutsche Bank AG	$	1,305,501
41	9945	Garrett Motion Australia Pty Limited	JP Morgan Chase Bank N.A.	$	5,183,590
42	2161	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	45,974
43	2180	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	1,857,513
44	2176	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	52,743,208


#	Account # (Last 4 Digits)	Debtor	Bank	Balance as of Jan 31, 2021
45	2177	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	1,810,924
46	2178	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	46,370,129
47	2181	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	4,489,446
48	5385	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	6,223
49	2183	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	16,222,901
50	2184	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	344,752
51	2179	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	5,467,973
52	2182	Garrett Motion Sarl	JP Morgan Chase Bank N.A.	$	27,958,014
53	2374	Garrett TS Ltd	JP Morgan Chase Bank N.A.	$	513,327
54	6324	Garrett Transportation Systems Ltd	JP Morgan Chase Bank N.A.	$	6,451
55	2658	Garrett Motion Ireland B Limited	JP Morgan Chase Bank N.A.	$	5,610
56	9470	Garrett Motion Japan, Inc.	JP Morgan Chase Bank N.A.	$	28,958,725
57	1878	Garrett LX I S.a.r.l.	JP Morgan Chase Bank N.A.	$	20,773
58	0975	Garrett LX I S.a.r.l.	JP Morgan Chase Bank N.A.	$	10,770
59	1879	Garrett LX II S.a.r.l.	JP Morgan Chase Bank N.A.	$	11,058
60	1880	Garrett LX III S.a.r.l.	JP Morgan Chase Bank N.A.	$	323,049
61	2372	Garrett LX III S.a.r.l.	JP Morgan Chase Bank N.A.	$	321,046
62	6604	Garrett Motion Mexico S.A. de C.V	JP Morgan Chase Bank N.A.	$	0
63	2487	Garrett ASASCO Inc	JP Morgan Chase Bank N.A.	$	50,140
64	6395	Garrett ASASCO Inc	JP Morgan Chase Bank N.A.	$	532,640
65	0270	Friction Materials LLC	JP Morgan Chase Bank N.A.	$	12,952
66	2476	Garrett Transportation I Inc.	JP Morgan Chase Bank N.A.	$	21,943,196
67	9557	Garrett Transportation I Inc.	JP Morgan Chase Bank N.A.	$	70,294,204
68	7182	Garrett Transportation I Inc.	JP Morgan Chase Bank N.A.	$	2,853,488
69	8578	Garrett Motion Inc.	JP Morgan Chase Bank N.A.	$	25,765,997
70	10000	Garrett Motion Japan, Inc.	Mitsubishi UFJ, LTD	$	3,215,091
71	7001	Garrett Motion Sarl	Société Générale S.A	$	0
72	7271	Garrett Motion Japan, Inc.	Sumitomo Mitsui Banking Corporation	$	304,287
73	0539	Garrett Motion International Services S.r.l	Türk Ekonomi Bankası	$	105
74	9341	Garrett Motion International Services S.r.l	Türk Ekonomi Bankası	$	23,990
75	0492	Garrett Motion International Services S.r.l	Türk Ekonomi Bankası	$	0
76	201R	Garrett Holding Company Sarl	UBS AG	$	19,601
77	000Z	Garrett Motion Sarl	UBS AG	$	69,728
78	7MOM	Garrett Motion Sarl	UBS AG	$	10,116
79	902W	Garrett Motion Sarl	UBS AG	$	23,574
80	9AUT	Garrett Motion Sarl	UBS AG	$	11,180
81	9AZB	Garrett Motion Sarl	UBS AG	$	34,749
82	9CBH	Garrett Motion Sarl	UBS AG	$	0
83	961Y	Garrett Motion Sarl	UBS AG	$	52
84	962B	Garrett Motion Sarl	UBS AG	$	20,390
85	460G	Garrett Motion Switzerland Holdings Sarl	UBS AG	$	17,526
86	2438	Garrett Motion Sarl	Unicredit Bank AG	$	169,964
87	0245	Garrett Motion Sarl	Unicredit Bank AG	$	194,907
88	2678	Garrett Motion Sarl	Unicredit Bank AG	$	150,858


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR 2: Statement of Operations – Year To Date Ended January 31, 2021

(Thousands of U.S. Dollars)


	Consolidated Debtor Amounts - YTD January
Net Sales	$	239,579
Cost of goods sold		196,060

Gross Profit		43,519
Selling, general & administrative expenses		97,525

Operating profit (loss)		-54,006
Other (income)/expense		145

Earnings Before Interest & Taxes		-54,151
Interest expense		7,598
Non-operating (income)/expense		8,236
Reorganization items - net		26,253

Income before taxes		-96,238
Tax Expense		2,080

Net Income (Loss)	-$	98,318

Note: Preliminary unaudited financial statements subject to change, in particular the accounts do not include final tax entries, pension entries, or reclassification of Liabilities Subject to Compromise and are still subject to final management review and audit.


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR 3 – Consolidated Debtor Balance Sheet as of January 31, 2021

(Thousands of U.S. Dollars)


	Book Value - Year to Date January
Cash and cash equivalents	$	510,510
Accounts, notes and other receivables - net		412,663
Inventories - net		161,393
Other current Assets		87,124

Total current assets		1,171,690
Investments and long-term receivables		6,862
Property, plant and equipment - net		313,541
Deferred income taxes assets		231,628
Goodwill		192,785
Other long-term assets		92,165

Total Assets	$	2,008,671

Accounts payable	$	612,791
Borrowings under revolving credit facility		370,002
Debtor-in-possession Term Loan		200,000
Obligations payable to Honeywell, current		41,730
Accrued liabilities		477,280

Total current liabilities		1,701,803
Long-term debt		1,498,904
Deferred income taxes		25,309
Obligations payable to Honeywell		1,423,240
Other liabilities		202,381

Total liabilities		4,851,637
Additional paid-in capital		9,610
Invested Equity		-2,848,921
Other Comprehensive Income (Loss)		-3,655

Total Shareholders’ Equity		-2,842,966

Total Liabilities & Equity	$	2,008,671


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-4a: Status of Post-Petition Taxes

Office of the United States Trustee

Subject: January Monthly Operating Report Attestation Regarding Post-petition Taxes

The Debtor, Garrett Motion Inc. and its affiliated Debtors, hereby submit this attestation regarding post-petition taxes.

All post-petition taxes for the Debtors, which are not subject to dispute or reconciliation, are current. There are no material tax disputes or reconciliations.

/s/ Sean Deason

Sean Deason

Chief Financial Officer


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-4b: Post-Petition Accounts Payable Aging

January 31, 2021

(Thousands of U.S. Dollars)

Accounts Payable

Aging

Current

0-30 Days

31-60 Days

60-90 Days

90+ Days

Total

Post Petition Trade Payables

353,384,352

12,770,882

1,185,765

668,322

3,898,267

362,774,411


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-5 – Accounts Receivable Aging

As of January 31, 2021

(Thousands of U.S. Dollars)

Accounts Receivable

Aging

Current

1-30 Days

31-60 Days

61-90 Days

91+ Days

Total

Net Accounts Receivable

331,544

2,962

635

—$

1,740

336,811


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-6 – Payments to Professionals

(Thousands of U.S. Dollars)


PROFESSIONALS
NAME	DATE OF COURT ORDER AUTHORIZING PAYMENT ¹	AMOUNT APPROVED		AMOUNT PAID JAN		TOTAL PAID TO DATE ²		TOTAL INCURRED & UNPAID³
Sullivan &Cromwell LLP	See Note Below	$	14,159	$	3,009	$	8,115	$	6,044
AlixPartners LLP	See Note Below	$	4,088	$	0	$	2,368	$	1,720
Perella Weinberg Partners	See Note Below	$	878	$	271	$	451	$	427
Kurtzman Carson Consultants	See Note Below	$	1,605	$	121	$	1,606	$	0
Quinn Emmanuel Urquhart & Sullivan LLP	See Note Below	$	7,656	$	867	$	1,346	$	6,310
White & Case LLP	See Note Below	$	4,192	$	0	$	2,519	$	1,673
Conway Mackenzie	See Note Below	$	901	$	0	$	446	$	455
FTI Consulting	See Note Below	$	629	$	64	$	451	$	177
Schulte Roth & Zabel LLP	See Note Below	$	343	$	0	$	250	$	93
Simpson Thacher & Bartlett LLP	See Note Below	$	851	$	0	$	429	$	422
Deloitte AG	See Note Below	$	1,357	$	273	$	544	$	812

TOTAL PAYMENTS TO PROFESSIONALS		$	36,659	$	4,605	$	18,525	$	18,134

¹	INCLUDES FEE STATEMENTS APPROVED OR PENDING NOTICE PERIOD EXPIRATION AS OF 1/31/2021

²	INCLUDES RETAINER AMOUNTS APPLIED TO APPROVED FEE STATEMENTS

³	INCLUDES ALL FEES INCURRED, BOTH APPROVED AND PENDING NOTICE PERIOD EXPIRATION AS OF 1/31/2021


In re Garrett Motion Inc., et al.,	Case No:	20-12212 (Jointly Administered)
Debtors	Reporting Period:	January 2021
	Fed. Tax I.D No.:	82-4873189

MOR-7: Debtor Questionnaire


	Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.	Yes	No	Comments
1	Have any assets been sold or transferred outside the normal course of business this reporting period?		X
2	Have any funds been disbursed from any account other than a debtor in possession account this reporting period?		X
3	Is the Debtor delinquent in the timely filing of any post-petition tax returns?		X
4	Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?		X
5	Is the Debtor delinquent in paying any insurance premium payment?		X
6	Have any payments been made on pre-petition liabilities this reporting period?	X		To the extent authorized by the First Day Orders
7	Are any post-petition receivables (accounts, notes or loans) due from related parties?	X
8	Are any post-petition payroll taxes past due?		X
9	Are any post-petition State or Federal income taxes past due?		X
10	Are any post-petition real estate taxes past due?		X
11	Are any other post-petition taxes past due?		X
12	Have any pre-petition taxes been paid during this reporting period?	X		To the extent authorized by the First Day Orders
13	Are any amounts owed to post-petition creditors delinquent?		X
14	Are any wage payments past due?		X
15	Have any post-petition loans been received by the Debtor from any party?		X
16	Is the Debtor delinquent in paying any U.S. Trustee fees?		X
17	Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?		X
18	Have the owners or shareholders received any compensation outside of the normal course of business?		X

Garrett Motion Inc. - FORM 8-K - EX-99.1 - February 22, 2021

Attached files

Garrett Motion Inc. Reports