<SEC-DOCUMENT>0001641172-25-010891.txt : 20250515
<SEC-HEADER>0001641172-25-010891.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515160615
ACCESSION NUMBER:		0001641172-25-010891
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				272496053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45707
		FILM NUMBER:		25952772

	BUSINESS ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARATHON ASSET MANAGEMENT LP
		CENTRAL INDEX KEY:			0001279913
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		ONE BRYANT PARK
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-500-3123

	MAIL ADDRESS:	
		STREET 1:		ONE BRYANT PARK
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARATHON ASSET MANAGEMENT LLC
		DATE OF NAME CHANGE:	20040212
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001493152-25-008511</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: MARATHON ASSET MANAGEMENT LP -->
          <cik>0001279913</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.01 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000931148</issuerCik>
        <issuerName>GRAFTECH INTERNATIONAL LTD</issuerName>
        <issuerCusip>384313508</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>982 Keynote Circle</com:street1>
          <com:city>Brooklyn Heights</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>44131</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Marathon Asset Management GP, L.L.C.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>19308566.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>19308566.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19308566.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.5</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Marathon Asset Management, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>19308566.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>19308566.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19308566.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.5</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>MDCF II Investment Fund A SCSp</reportingPersonName>
      <citizenshipOrOrganization>N4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>15058586.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>15058586.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>15058586.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.9</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Bruce Richards</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>19308566.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>19308566.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19308566.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.5</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Louis Hanover</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>19308566.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>19308566.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19308566.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.5</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>GRAFTECH INTERNATIONAL LTD</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>982 Keynote Circle, Brooklyn Heights, OH, 44131</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(i) Marathon Asset Management, L.P., a Delaware limited partnership ("Marathon");

(ii) Marathon Asset Management GP, L.L.C., a Delaware limited liability company ("Marathon GP"), the general partner of Marathon;

(iii) MDCF II Investment Fund A SCSp, a Luxembourg special limited partnership ("MDCF II");

(iv) Bruce Richards, a managing member of Marathon GP; and

(v) Louis Hanover, a managing member of Marathon GP.

Marathon, pursuant to certain investment management agreements and in its capacity as the investment manager of certain funds managed by Marathon (together with MDCF II, the "Marathon Funds"), has the sole power to vote and the sole power to direct the disposition of the 19,308,566 shares of common stock, par value $0.01 per share (the "Common Stock"), held by the Marathon Funds. Accordingly, for the purposes of Section 240.13d-3 of the Exchange Act, Marathon may be deemed to beneficially own the 19,308,566 shares of Common Stock held by the Marathon Funds. The general partner of Marathon is Marathon GP. Bruce Richards and Louis Hanover are the managing members of Marathon GP. This report shall not be deemed an admission that Marathon, each Marathon Fund or any other person is the beneficial owner of the securities reported herein for purposes of Section 13 of the Exchange Act or for any other purpose.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business and principal office address of the Reporting Persons is c/o Marathon Asset Management, L.P., 1 Bryant Park, 38th Floor, New York, NY 10036.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Marathon GP and Marathon are organized under the laws of the State of Delaware. MDCF II is organized under the laws of Luxembourg. Mr. Richards and Mr. Hanover are citizens of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Marathon GP; Marathon; Mr. Richards; and Mr. Hanover - 19,308,566

MDCF II - 15,058,586</amountBeneficiallyOwned>
        <classPercent>Marathon GP; Marathon; Mr. Richards; and Mr. Hanover - 7.5%

MDCF II - 5.9%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Marathon GP; Marathon; Mr. Richards; and Mr. Hanover - 19,308,566

MDCF II - 15,058,586</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Marathon GP; Marathon; Mr. Richards; and Mr. Hanover - 19,308,566

MDCF II - 15,058,586</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>1. A Joint Filing Agreement, dated as of February 27, 2025, among the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on February 27, 2025).</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Marathon Asset Management GP, L.L.C.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jamie Raboy</signature>
        <title>Jamie Raboy, Authorized Signatory</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Marathon Asset Management, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jamie Raboy</signature>
        <title>Jamie Raboy, Authorized Signatory for Marathon Asset Management, GP, L.L.C., its general partner</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MDCF II Investment Fund A SCSp</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jamie Raboy</signature>
        <title>Jamie Raboy, Authorized Signatory for Marathon Asset Management L.P., solely in its capacity as Investment Manager</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Bruce Richards</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Bruce Richards</signature>
        <title>Bruce Richards</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Louis Hanover</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Louis Hanover</signature>
        <title>Louis Hanover</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
