- KPS TO PARTICIPATE IN COMPANY'S DIP FINANCING TO SUPPORT OPERATIONS 

- KPS HAS OBTAINED COMMITTED EXIT FINANCING

KPS Capital Partners, LP ("KPS") announced today that, through a newly formed 
affiliate, it has entered into a stock and asset purchase agreement with 
Garrett Motion Inc. (NYSE: GTX) ("Garrett" or the "Company"), under which KPS 
will acquire substantially all of the assets of Garrett for approximately $2.1 
billion.  

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Garrett will file a motion with the United States Bankruptcy Court for the 
Southern District of New York today seeking the designation of KPS as the 
"stalking horse bidder" in a bidding procedures motion in connection with the 
Company's filing of voluntary petitions under Chapter 11 of the Bankruptcy 
Code.  KPS was selected by Garrett after a comprehensive review of strategic 
alternatives by the Company's Board of Directors.  To facilitate the sale 
process, Garrett has begun a process in the United States to financially 
restructure through a voluntary Chapter 11 proceeding.  The completion of the 
sale is subject to court approval, among other customary conditions.  KPS 
currently expects the sale process to be completed in early 2021.

KPS, through an affiliate, has also agreed to participate in Garrett's Debtor 
in Possession ("DIP") financing to support the Company's operations.  Following 
court approval, the DIP facility will ensure that Garrett has sufficient 
liquidity to continue normal operations and continue to meet its financial 
obligations during the Chapter 11 process, including the timely payment of 
employee wages and benefits, continued servicing of customer orders and 
shipments, and other obligations.

A syndicate of banks including Citi, UBS Investment Bank, Credit Suisse and BNP 
PARIBAS, have committed to provide exit financing to the KPS stalking horse 
acquisition vehicle to acquire Garrett.  The exit financing is subject to 
completion of the acquisition and customary closing conditions.

Raquel Vargas Palmer, Managing Partner of KPS, said, "We proceed with great 
conviction and enthusiasm to acquire Garrett, a global leader in turbocharger 
and electrification technologies, serving nearly every major automotive and 
commercial vehicle OEM in the world.  Garrett enjoys a leading market position, 
scale, world class research and development sites, and state-of-the-art 
manufacturing and engineering facilities strategically located around the 
globe.  We look forward to working with the Company's leadership team and 
employees to accelerate its many attractive growth opportunities as well as 
increase its already substantial investment in research and development, 
technology and new product development.

"KPS has invested an enormous amount of effort, resources and capital to 
acquire Garrett. We are committed to the expeditious acquisition of Garrett to 
provide certainty of outcome and confidence in the new Company's future for all 
of its stakeholders, including customers, employees and suppliers.  The Company 
and its stakeholders will benefit from KPS' demonstrated track record and 
decades long history of successfully investing in the automotive and 
transportation industries globally, commitment to manufacturing excellence, 
continuous improvement and access to our significant financial resources.  The 
new Garrett will be conservatively capitalized and not encumbered by its 
predecessor's significant liabilities."  

UBS Investment Bank and Credit Suisse are acting as financial advisors, and 
Davis Polk & Wardwell LLP is acting as legal counsel to KPS with respect to the 
transaction. 

About Garrett Motion Inc.

Garrett, headquartered in Rolle, Switzerland, is a differentiated technology 
leader, serving customers worldwide for more than 65 years with passenger 
vehicle, commercial vehicle, aftermarket replacement and performance 
enhancement solutions. Garrett's cutting-edge technology enables vehicles to 
become safer, and more connected, efficient and environmentally friendly. Our 
portfolio of turbocharging, electric boosting and automotive software solutions 
empowers the transportation industry to redefine and further advance motion.  
For additional information, please visit www.garrettmotion.com

About KPS Capital Partners, LP

KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with over $11.5 billion 
of assets under management (as of June 30, 2020).  For over two decades, the 
Partners of KPS have worked exclusively to realize significant capital 
appreciation by making controlling equity investments in manufacturing and 
industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing.  KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage. The KPS Funds' 
portfolio companies have aggregate annual revenues of approximately $7.7 
billion, operate 146 manufacturing facilities in 26 countries, and have 
approximately 26,000 employees, directly and through joint ventures worldwide. 
The KPS investment strategy and portfolio companies are described in detail at 
www.kpsfund.com. 

SOURCE  KPS Capital Partners, LP

CONTACT: Business Inquiries: KPS, 212.338.5100; Media Relations: Prosek 
Partners, David Wells or Catherine Johnson, 646.818.9287