Auction for GST Autoleather is off, as a consortium of creditors buy out the company for 172 million dollars

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The news has been briefly reported by foxbusiness.com portal in their finance section: true to predictions, last week it took place the auction sale to work out GST Autoleather ‘s bankruptcy case. On January 12 bids were made public; a few days later, on January 16, GST was supposedly given its new corporate structure and ownership. The company, who’s a top manufacturer of leather for car interiors, has been bought out by a consortium of creditors: Black Diamond Capital Management, an American hedge fund headquartered in Connecticut, stands out among them. GST’s debts amounted to 196 million dollars, while their turnover reached 516 million dollars in 2016: taking such figures into account, the closing bid for GST Autoleather was 172 million dollars. The group had joined US Chapter 11 earlier in October 2017.

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