Minor creditors stop GST Autoleather transfer, as they claim warranties about their money

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The game is still underway. On Monday, the agreement to transfer GST Autoleather to a consortium of creditors did not go through successfully, as it was stuck in the clash between warranted and non-warranted creditors. That is actually the gist of the matter: to secure all the debts of the tanning group. As reported by the international press, GST Autoleather official transfer was expected to take place before Delaware Court, on January 22: the buyers, joined in a consortium, had formerly won the auction sale, on January 12, after ten bid raises, thus buying out the group for 172 million dollars (140 million euros). The companies who won the auction hold 140 million dollars (about 113 million euros) in terms of overall credits; it is no coincidence that most of their bid was “in credit”. Yet it is not clear GST’s plan (the transfer is also supposed to help the group carry on with their activities) to cover the remaining debts of the company: such uncertainty drove the other creditors’ protest.

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