GST Autoleather, 60 days to closing deal. CEO celebrates “transfer as the right action to take”

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GST Autoleather top managers feel relieved: “The company transfer is the right thing to do to reassure our clients, our employees and our suppliers”. Such is the remark released by Dennis Hiller, chief executive officer of the company that focuses its manufacturing on leather for car interiors and upholstery, about the stock sale to a group of creditors known as GST Lender Acquisition Corp. “We are happy about the Court’s decision to approve the buyout, since the buyers know our business pretty well indeed – adds Hiller-. We are now waiting for the transaction closing, which is due in 60 days or so (editor’s note); in the meantime, we are striving hard to provide our customers with top quality products”. Parties involved in the deal are confident about GST’s potential recovery: in October 2017, the company joined Chapter 11, owing to its debts, which amounted approximately to 200 million dollars.

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