Garrett Motion withdraws FY20 advice, taps revolving bank (NYSE:GTX)

Garrett Motion (GTX +8.7percent ) says the provider entirely attracted the residual funds available under its revolving bank facility of $470M to raise its financial flexibility from the present atmosphere.

Total liquidity (such as a draw back on the revolver at Q1) accessible at the beginning of the Q2 is $655M. ) There aren’t any substantial debt maturities before Sept. 2023.

GTX proceeds to adjust production schedules according to varying market conditions, especially in North America and Europe, and also execute competitive price control measures and money management activities, such as: Postponing capital expenses, simplifying working capital needs, Temporarily decreasing pay for your leadership group and executive officers from 20 percent, Flexing the gross profit price, decreasing temporary labour and contract support employees and exceeding outside hiring.

Garrett is withdrawing its FY20 advice issued on February 27, 2020.

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