Sale is “best path forward”, says GST boss
16/02/2018
On February 12, a judge in a Delaware court approved a bid for GST AutoLeather from a group of companies that had supplied the leather manufacturer with secured loans. The bid was for $166.9 million, made up of around $100 million in cash, the cancellation of some of the debts owed to these companies by GST AutoLeather and the assumption of several million in other debts.
In a statement dated February 14, Dennis Hiller said: “We are pleased to have received approval of the sale of GST’s business to our senior lenders, who know our business extremely well. We firmly believe that this represents the best path forward for our customers, suppliers and employees. We look forward to completing the sale and we remain focused on continuing to deliver our high-quality products to our customers.”
GST AutoLeather believes the sale will be complete by the end of March.
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