GST soap opera is over perhaps, as Court acknowledges new ownership after 167 million dollars bid


The GST Autoleather case found a solution, apparently, after the last hearing, before the Court of Delaware, on January 12. The first deal to transfer the company, dedicated to leather manufacturing for car interiors, and in Chapter 11 since last October, was cancelled due to some creditors’ opposition. Now the Court has acknowledged the new agreement. GST’s ownership, as reported by the press, moves to a group of creditors, who submitted a bid of 166,9 million dollars: part of it, 100 million dollars, will replenish corporate assets, while the rest of it will contribute to debt restructuring. Transaction is due to be closed in March. Allegedly, as reported by the press, the same Court of Delaware has already pinpointed a substitute buyer, should the previous plan fail during its implementation: Faurecia, who submitted a bid of 163,9 million dollars.


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