1999 Dodge Neon Timing

Engine Mechanical problem
1999 Dodge Neon 4 cyl Manual 120000 miles

Let my buddy drive my manual 99 dodge neon, right after just spending 500 bucks replacing water pump and all timing components, pulleys, etc. He brought it back not running - the mechanic who did the work said after inspection that it seems the car was dropped into a low gear at a high rate of speed (60-80 mph) sheering the bolt and mangling the belt - just makes a whining noise when you turn the key, timing belt and housing look like a dog chewed them up, am I out my car? The mechanic is replacing the timing kit under warranty, please tell me it will all be just fine, don't loan your car out! Is this the case?