Form 4: Centerbridge Partners Reduces Stake in Garrett Motion Inc.
SEC Form 4 Filing
Centerbridge Special Credit Partners III-Flex, L.P. sold 119,279 shares of Garrett Motion Inc. at $9.56 per share on May 16, 2024, while maintaining a significant indirect ownership position.
Summary
- On May 16, 2024, Centerbridge Special Credit Partners III-Flex, L.P. disposed of 119,279 shares of Garrett Motion Inc. common stock at a price of $9.56 per share.
- Following the transaction, Centerbridge Special Credit Partners III-Flex, L.P. indirectly owns 26,821,690 shares.
- The transaction was reported on a Form 4 filing with the SEC.
- Jeffrey H. Aronson, as a director of CSCP III Cayman GP and managing member of Credit GP Investors, may be deemed to share beneficial ownership of the shares held by SC III-Flex and Credit Partners Master, respectively, but disclaims beneficial ownership except to the extent of any proportionate pecuniary interest.
- The reporting persons are jointly filing the Form 4 and state that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership.
Sentiment
Score: 5
Explanation: The sentiment is neutral as it simply reports a transaction. The reduction in stake could be seen as slightly negative, but without further context, it's difficult to assess the overall impact.
Negatives
- Centerbridge Special Credit Partners III-Flex, L.P. reduced its holdings in Garrett Motion Inc. by selling 119,279 shares.
Industry Context
Form 4 filings are standard disclosures required by the SEC when significant shareholders or insiders change their ownership positions in a publicly traded company. This filing indicates a change in ownership by a major shareholder, Centerbridge Partners, which is relevant to investors monitoring the stock.
Stakeholder Impact
- Shareholders may react to the reduced stake by Centerbridge, potentially influencing the stock price.
- The impact on employees, customers, suppliers, and creditors is likely minimal unless this transaction signals a larger strategic shift.
Key Dates
| Date | Description |
|---|---|
| 05/16/2024 | Date of transaction: Sale of 119,279 shares of Garrett Motion Inc. common stock. |
| 05/20/2024 | Date of Form 4 filing. |
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