The U.S. Bankruptcy Court issued an order approving GST AutoLeather’s (“GST”) Disclosure Statement and concurrently confirming the Company’s Joint Chapter 11 Plan. Post-exit, GST is majority owned by funds managed by Black Diamond Capital Management, L.L.C. (“BDCM”).
In a press release announcing the exit from Chapter 11, Stephen H. Deckoff, Managing Principal of BDCM commented, “GST has exited bankruptcy with a strong balance sheet and ample liquidity, talented leaders globally, and a reputation as a high-quality leather designer and manufacturer….GST is among a small group of leather suppliers that can be considered truly global in nature.”
The press release further notes that to lead the transition, GST has named Randy Johnson President and CEO and has added two leather industry veterans to their management team: Bryn Kahrl joining as Vice President of Global Operations and Scott Landis joining as Chief Human Resources Officer. Former CEO Dennis Hiller will stay on with GST as a board advisor to assist in the transition.
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