U.S. auto-parts manufacturer Garrett Motion filed for Chapter 11 bankruptcy over the weekend. The announcement comes as ex-parent Honeywell International decided it could do without turbochargers and spun the company off in 2018. Garrett claims it lost a bunch of money during coronavirus lockdowns, like so many others, and was dumped by Honeywell only to be saddled with financial liabilities related to asbestos-exposure claims.
But Garrett has also said it’s entering into a purchase agreement with the private equity firm KPS Capital Partners LP for roughly $2.1 billion, providing more than a shred of hope things will turn out okay. While other firms can take a whack at buying the turbo supplier, they must be willing to cover its corporate debt by exceeding the existing bid and will likewise be subject to court approval. Garrett thinks it can still come out on top and wrap the sale by the start of 2021 without interrupting production any more than the pandemic already has.
Despite their psychopathic barbarity, ISIS fighters fear many things — women, music, culture, bathing, and now a lone tank dubbed “The Beast.”
According to U.S. military official Col. Steve Warren, an American-trained Iraqi tank crew has become a one-vehicle Dirty Dozen in the aptly named Iraqi city of Hit, the Associated Press has reported.
As part of ongoing efforts to retake the city from ISIS militants, the lone crew is “tearing it up” with its distinctively midwestern machine, obliterating every unfriendly target of opportunity with its General Dynamics M1A1 Abrams.
An automotive coolant Daimler claims is too dangerous to use in their vehicles, despite the warnings from the European Union to cease usage of an older coolant considered harmful to the environment, was found to be safe according to a report made by EU scientists.
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- Arthur Dailey In Ontario 'distracted driving rules apply' . In Ontario while driving or stopped in traffic including at a red light or a stop sign it is illegal to i) use a phone or other hand-held wireless communication device to text or dial – you can only touch a device to call 911 in an emergency, ii) use a hand-held electronic entertainment device, such as a tablet or portable gaming console iii) view display screens unrelated to driving, such as watching a video program or a GPS device. In fact, simply holding a phone or other device while driving is against the law. – Government of Ontario website.Other examples of distracted driving may also include: personal grooming, eating or drinking, tending to children or pets. From Campisi LLP.
- Theflyersfan $25,000 for an out of warranty VW Golf wagon. Make peace with the deity of your choice and do it soon because the world is set to come to an end any minute now.Being hauled on a flatbed doesn't rack up any miles so I guess that explains the 29,000 mile number. But at least it's a stick shift so would someone brave in the greater Columbus area take a chance? Just keep dry towels in the car to mop up all of the water that is bound to make an entrance sometime soon and wreck the interior. And get a AAA membership.
- Slap I've got a red 2019 Alltrack S manual. Chose the S so I wouldn't have to deal with the potential leaks from the panoramic sunroof in the SE and SEL. So far it's been a great car - handles well and carries all of my stuff.
- Arthur Dailey @Jeff, I agree completely. However those who are 'younger' than us and were not driving during that era do not seem to understand how the market viewed different brands or what consumers valued back in the late 1960s and the 1970s.
- FreedMike Paging Corey...