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Garrett Motion Inc. has successfully emerged from Chapter 11 bankruptcy following a confirmed Plan of Reorganization. With significant backing from stakeholders, including Centerbridge and Oaktree, Garrett will list its stock on Nasdaq under the symbol GTX. The restructuring eliminated previous asbestos indemnities, reducing leverage and enhancing operational flexibility. At emergence, Garrett has issued approximately 65 million shares of new common stock and secured a $1.25 billion term loan plus a $300 million revolving credit facility, improving its debt profile.
Garrett Motion reported Q1 2021 financial results, showcasing a 33.8% increase in net sales to $997 million, exceeding prior year figures. The gross profit margin improved to 19.7%, up from 18.5%, driven by higher sales volumes. However, the company posted a net loss of $105 million compared to a net income of $52 million in Q1 2020, primarily due to reorganization costs associated with its Chapter 11 filing. Adjusted net income rose to $96 million, with an adjusted EBITDA margin of 17.7%. Overall, operational performance remains strong amid ongoing restructuring.
Garrett Motion Inc. plans to release its financial results for Q1 2021 on April 29, 2021, before market opening. A conference call will follow at 8:30 am ET to discuss these results and updates on its strategy post-Chapter 11 bankruptcy. The call will be available via a webcast, including a slide presentation. Garrett Motion has over 65 years of experience in providing technology solutions for the automotive industry, focusing on turbocharging, electric boosting, and automotive software.
Garrett Motion Inc. announced the confirmation of its Plan of Reorganization by the U.S. Bankruptcy Court, facilitated by Centerbridge Partners and Oaktree Capital Management. The Plan received unanimous backing from bank lenders and bondholders, with 94% of stockholders in favor. Garrett aims to emerge from Chapter 11 by April 30, 2021, bolstered by approximately $1.3 billion in new equity and $1.55 billion in debt financing. This restructuring is expected to enhance Garrett's financial position and technological capabilities.
Garrett Motion Inc. announced its innovative electric-boosting technologies, showcasing advancements for hybrid and fuel cell vehicles at the 19th Shanghai International Automobile Industry Exhibition. Among the highlights is the E-Turbo, nearing market launch with a major European automaker. Garrett's net sales in China rose 32% in 2020. The company's expansion in Wuhan and new production lines in Shanghai aim to support the increasing demand for green technologies in the automotive sector, which complies with tougher environmental regulations.
Garrett Motion Inc. announced that the U.S. bankruptcy court has approved the disclosure statement for its proposed reorganization plan, led by investors from Centerbridge Partners and Oaktree Capital. An amended plan reflects a consensual agreement with the official equity committee. Garrett plans to mail information packages to creditors and stockholders by March 19, 2021. The company has secured a $1.25 billion-equivalent term loan and a new revolving credit facility to support its exit from bankruptcy, aiming to emerge by the end of April 2021.
