Schedule 13D Amendment: Cyrus Capital Reports 21.1M Shares of GTX

Rhea-AI Filing Summary

Amendment No. 3 to a Schedule 13D shows that Cyrus Capital-related entities and Stephen C. Freidheim collectively report beneficial ownership of common stock of Garrett Motion Inc. (GTX). The principal reporting figures are 21,123,348 shares (10.5% of class) held with shared voting and dispositive power, and a related entity reports 13,870,085 shares (6.9%). Percentages are calculated using 201,575,459 shares outstanding as of July 18, 2025, per the Company’s quarterly report. The amendment restates Items 5(a)-(c) and references that open market transactions in the past 60 days are set forth on an attached Schedule A. The issuer’s principal executive offices are listed in Rolle, Switzerland.

Positive

• Disclosure of a sizeable 10.5% stake in Garrett Motion provides market transparency about significant ownership.
• Clear identification of shared voting and dispositive power across Cyrus entities and Stephen C. Freidheim enhances governance visibility.
• Percentage basis is explicitly tied to 201,575,459 shares outstanding as of July 18, 2025, allowing precise calculation.

Negative

• Schedule A transaction details for open market activity in the past 60 days are referenced but not included in the provided excerpt, limiting trade-timing analysis.
• Filing does not state any intentions, plans or arrangements by the reporting persons regarding changes to the issuer’s board or operations in this excerpt.

Insights

Financial Analyst

TL;DR: A 10.5% disclosed stake by an activist-capable investor is material and could influence shareholder dynamics.

The filing confirms that Cyrus Capital Partners, L.P., its GP and affiliates and Stephen C. Freidheim report shared voting and dispositive power over 21,123,348 shares, representing 10.5% of Garrett Motion's common stock based on the stated share count. For investors, a disclosed double-digit stake is material because it can affect governance, potential engagement with management, and the market's perception of control or influence. The filing restates Items 5(a)-(c), clarifies the ownership basis and points to Schedule A for recent open market transactions; those transaction details are not included in the provided excerpt, limiting transaction-timing analysis.

Corporate Governance Expert

TL;DR: Reporting of shared voting/dispositive power signals coordinated control and warrants attention to governance intentions.

The disclosure that multiple Cyrus entities and Stephen C. Freidheim share voting and dispositive power over a 10.5% position is significant from a governance standpoint because shared power often implies coordinated decision-making or strategy among related reporting persons. The amendment focuses on Items 5(a)-(c), reinforcing transparency about the basis for the percentage calculation and the source document for recent trades. The absence of Schedule A details in this excerpt prevents assessment of whether the position was recently accumulated or trimmed via open market activity.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Garrett Motion Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

366505105

(CUSIP Number)

Jennifer M. Pulick
Cyrus Capital Partners, L.P., 65 East 55th Street, 35th Floor
New York, NY, 10022
212-380-5800

Adriana Schwartz
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/19/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

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).

SCHEDULE 13D

CUSIP No. 366505105

1

Name of reporting person

Cyrus Capital Partners, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,123,348.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,123,348.00

11

Aggregate amount beneficially owned by each reporting person

21,123,348.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 366505105

1

Name of reporting person

Cyrus Capital Partners GP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,123,348.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,123,348.00

11

Aggregate amount beneficially owned by each reporting person

21,123,348.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 366505105

1

Name of reporting person

Cyrus Capital Advisors, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,870,085.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,870,085.00

11

Aggregate amount beneficially owned by each reporting person

13,870,085.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 366505105

1

Name of reporting person

Stephen C. Freidheim

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 21,123,348.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,123,348.00

11

Aggregate amount beneficially owned by each reporting person

21,123,348.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.5 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: Garrett Motion Inc.
(c)	Address of Issuer's Principal Executive Offices: LA PIECE 16, ROLLE, SWITZERLAND , 1180.
Item 1 Comment: The following constitutes Amendment No. 3 ("Amendment No. 3") to the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on May 10, 2021 (as amended, the "Schedule 13D"), with respect to the shares of common stock, $0.001 par value per share (the "Common Stock"), of Garrett Motion Inc. (the "Company"). This Amendment No. 3 amends and restates Items 5(a)-(c) as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 3 have the meanings set forth in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and the percentage of the shares of Common Stock beneficially owned by the Reporting Persons. The percentages reported in this Schedule 13D are calculated based upon 201,575,459 shares of Common Stock outstanding as of July 18, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on July 24, 2025.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The open market transactions in the shares of Common Stock effected by the Reporting Persons during the past sixty (60) days are set forth on Schedule A attached hereto and incorporated by reference herein.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cyrus Capital Partners, L.P.

Signature:	/s/ Stephen C. Freidheim
Name/Title:	By: Cyrus Capital Partners GP, L.L.C., General Partner, By: Stephen C. Freidheim, Sole Member and Manager
Date:	08/21/2025

Cyrus Capital Partners GP, L.L.C.

Signature:	/s/ Stephen C. Freidheim
Name/Title:	Stephen C. Freidheim, Sole Member and Manager
Date:	08/21/2025

Cyrus Capital Advisors, L.L.C.

Signature:	/s/ Stephen C. Freidheim
Name/Title:	By: Cyrus Capital Partners GP, L.L.C., Managing Member, By: Stephen C. Freidheim, Sole Member and Manager
Date:	08/21/2025

Stephen C. Freidheim

Signature:	/s/ Stephen C. Freidheim
Name/Title:	Stephen C. Freidheim, Individually
Date:	08/21/2025

FAQ

How many Garrett Motion (GTX) shares does Cyrus Capital report owning?

The reporting persons disclose beneficial ownership of 21,123,348 shares, representing 10.5% of common stock based on 201,575,459 shares outstanding.

What percentage of Garrett Motion does 21,123,348 shares represent?

The filing states it represents 10.5% of Garrett Motion's common stock using the company’s reported outstanding share count as of July 18, 2025.

Are voting and dispositive powers held solely by Cyrus Capital?

No. The cover pages show 0 shares of sole voting or dispositive power and 21,123,348 shares of shared voting and dispositive power.

Does this amendment include recent trade details for the reported shares?

The amendment references open market transactions in the past 60 days as set forth on an attached Schedule A, but those transaction details are not included in the provided excerpt.

What entity addresses or locations are listed for the reporting persons and issuer?

The reporting contact for Cyrus Capital is shown at 65 East 55th Street, New York, and Garrett Motion’s principal executive offices are listed in Rolle, Switzerland.