Automotive. Big debts drive GST into receivership. Still manufacturing keeps up: “Looking for buyers”

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GST Autoleather has applied for Chapter 11, that is receivership in the USA, at Delaware Bankruptcy Court. The US automotive leather giant has signed an agreement with creditors to get 40 million dollars for daily operations. “We have discussed all options with our advisors – commented Ceo Dennis Hiller while facing journalists – and we have realized that this is the best way to keep providing our clients with our goods, thus optimizing the value for all stakeholders and the company standing in the next future”. According to press reports, the overall debt amounts to 196 million dollars, in the face of 540 millions in revenues in 2016. Advantage Partners, the Japanese fund that has acquired GST since 2008, is looking for buyers. Apparently negotiations with the same creditors to sell the group are underway.

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