GST AutoLeather expects sale to new owners in Januar - leatherbiz: Lea Leatherbiz

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GST AutoLeather expects sale to new owners in January

21/11/2017
Lawyers negotiating interim funding for automotive leather group GST AutoLeather reported a breakthrough in mid-November and said the company will be sold to new owners early in the new year.

GST AutoLeather filed for Chapter 11 bankruptcy protection in early October. Its representatives have successfully negotiated interim funding reported at $40 million to allow production to continue while prospective new owners bid to buy the group.

Bidders have until January 8, 2018, to submit initial offers for GST AutoLeather before an auction goes ahead on January 12; the group expects a sale to be complete by about January 16.



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