Why Garrett Motion Stock Tanked More Than 40% Today
Shares of Garrett Motion (NYSE: GTX) plummeted more than 40% in trading on Wednesday, after the transportation systems supplier announced it may need to restructure its balance sheet. As of 11:30 a.m. EDT, the stock was down a whopping 42.08%.
It has been a rocky road since the company was spun off from parent Honeywell (NYSE: HON) in 2018. Garrett sued Honeywell in 2019, alleging it was forced into an overly burdensome agreement with its former parent over asbestos liability payments.
The latest news follows production suspensions and other impacts related to the COVID-19 pandemic, leaving current investors wondering whether any value will be left.
Source Fool.com
