A bankruptcy judge authorized auto supplier Garrett Motion Inc. to designate a planned sale to private-equity firm KPS Capital Partners LP as the company’s best offer to date, giving it a leg up over others ahead of a competitive process.
Judge Michael Wiles of the U.S. Bankruptcy Court in New York said Garrett could tap KPS as the lead bidder, or stalking horse, to set a minimum price for the company and also approved $84 million in breakup fees and expenses for the proposed deal.
Winning…
This post first appeared on wsj.com
