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GST AutoLeather Bankruptcy Filing

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Privately-held GST AutoLeather and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-12100.

The Company, which supplies automotive leather products, is represented by Laura Davis Jones of Pachulski Stang Ziehl & Jones. The Company has obtained a commitment from its senior secured lenders for a $40 million debtor-in-possession facility, the proceeds of which will be used to fund ongoing business operations. This facility will allow GST to continue business as usual during the reorganization process, while pursuing a court-supervised going concern sale.

C.E.O. Dennis Hiller comments, “After working with our advisors to review a range of strategic alternatives, the proposed strategy represents the best solution to ensure continuity of supply to our customers, maximize value for all stakeholders and position the Company for longterm success.” The Company and its senior lenders are negotiating the terms of an acquisition of the Company by its senior lenders.

GST AutoLeather’s Chapter 11 petition indicates assets greater than $100 million.

Read more GST bankruptcy news.

The post GST AutoLeather Bankruptcy Filing appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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