Keyframe Capital Cuts Garrett Motion Stake to 5.9%

TL;DR

**Keyframe Capital just trimmed its Garrett Motion stake, now holding 5.9% of shares.**

AI Summary

Keyframe Capital Partners, L.P. has filed an amended Schedule 13G/A, indicating a significant change in its beneficial ownership of Garrett Motion Inc. common stock. As of December 31, 2023, Keyframe Capital now beneficially owns 4,627,427 shares, representing 5.9% of Garrett Motion's outstanding common stock. This is a decrease from their previous holding of 7,000,000 shares, which represented 8.9% as of December 31, 2021. This reduction in Keyframe Capital's stake could signal a shift in their investment strategy or a partial realization of gains, which might be interpreted by other investors as a less bullish outlook on Garrett Motion's future performance.

Why It Matters

A major institutional investor reducing its stake can signal a lack of confidence or a strategic shift, potentially influencing other investors' perceptions and the stock's price.

Risk Assessment

Risk Level: medium — A significant reduction in ownership by a large institutional investor can create uncertainty and potentially lead to downward pressure on the stock price.

Analyst Insight

Investors should monitor Garrett Motion Inc.'s stock performance and consider if Keyframe Capital's reduced stake signals underlying concerns or simply a portfolio rebalancing. Further research into Garrett Motion's recent financials and industry outlook is warranted.

Key Numbers

• 4,627,427 — Shares owned by Keyframe Capital (This is the current number of shares Keyframe Capital beneficially owns in Garrett Motion Inc. as of December 31, 2023.)
• 5.9% — Percentage of class owned (This represents Keyframe Capital's current ownership percentage of Garrett Motion's common stock, down from 8.9%.)
• 7,000,000 — Previous shares owned (This was the number of shares Keyframe Capital beneficially owned as of December 31, 2021, indicating a reduction in their stake.)
• 8.9% — Previous percentage of class owned (This was Keyframe Capital's ownership percentage as of December 31, 2021, showing a 3% decrease in their stake.)

Key Players & Entities

• Keyframe Capital Partners, L.P. (company) — the reporting person decreasing its stake
• Garrett Motion Inc. (company) — the subject company whose stock is being reported
• 4,627,427 (dollar_amount) — number of shares beneficially owned by Keyframe Capital as of December 31, 2023
• 5.9% (dollar_amount) — percentage of Garrett Motion's common stock owned by Keyframe Capital as of December 31, 2023
• 7,000,000 (dollar_amount) — number of shares beneficially owned by Keyframe Capital as of December 31, 2021
• 8.9% (dollar_amount) — percentage of Garrett Motion's common stock owned by Keyframe Capital as of December 31, 2021
• December 31, 2023 (date) — the date of the event requiring this filing
• December 31, 2021 (date) — the previous reporting date for comparison

Forward-Looking Statements

• Garrett Motion Inc. stock price may experience downward pressure due to the reduced institutional ownership. (Garrett Motion Inc.) — medium confidence, target: Q1 2024
• Other institutional investors might re-evaluate their positions in Garrett Motion Inc. following Keyframe Capital's reduction. (Institutional Investors) — medium confidence, target: Q2 2024

FAQ

From the Filing

0000902664-24-001364.txt : 20240209 0000902664-24-001364.hdr.sgml : 20240209 20240209161519 ACCESSION NUMBER: 0000902664-24-001364 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240209 DATE AS OF CHANGE: 20240209 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Garrett Motion Inc. CENTRAL INDEX KEY: 0001735707 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 824873189 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-90700 FILM NUMBER: 24615109 BUSINESS ADDRESS: STREET 1: LA PIECE 16 CITY: ROLLE STATE: V8 ZIP: 1180 BUSINESS PHONE: 41-21-695-3000 MAIL ADDRESS: STREET 1: LA PIECE 16 CITY: ROLLE STATE: V8 ZIP: 1180 FORMER COMPANY: FORMER CONFORMED NAME: Garrett Transportation Systems Inc. DATE OF NAME CHANGE: 20180327 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Keyframe Capital Partners, L.P. CENTRAL INDEX KEY: 0001830175 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 65 EAST 55TH STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212.380.5800 MAIL ADDRESS: STREET 1: 65 EAST 55TH STREET STREET 2: 35TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G/A 1 p24-0585sc13ga.htm GARRETT MOTION INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A (Amendment No. 1)* Under the Securities Exchange Act of 1934 Garrett Motion Inc. (Name of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securities) 366505105 (CUSIP Number) December 31, 2021 and December 31, 2023 (Date of Event Which Requires Filing of This Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: þ Rule 13d-1(b) ¨ Rule 13d-1(c) ¨ Rule 13d-1(d) (Page 1 of 8 Pages) ______________________________ * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 366505105 SCHEDULE 13G/A Page 2  of 8 Pages 1 NAME OF REPORTING PERSON Keyframe Capital Partners, L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 4,627,427* 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 4,627,427* 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,627,427* 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.91 %* 12 TYPE OF REPORTING PERSON PN; IA *The information set forth on this cover page reflects information as of December 31, 2023. As of December 31, 2021, the Reporting Persons may have been deemed to beneficially own 4,989,082 shares of Common Stock (including 3,483,032 shares of Common Stock issuable upon conversion of shares of convertible preferred stock), representing 7.28% of the outstanding shares of Common Stock as of such time. CUSIP No. 366505105 SCHEDULE 13G/A Page 3  of 8 Pages 1 NAME OF REPORTING PERSON Keyframe Capital Partners GP, L.L.C. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNE