From potential bankruptcy to prospective buyout. GST Autoleather joined the Chapter 11 regime on last October 4, at the time that in Milan Lineapelle was opening its stands to exhibitors and visitors. “Along with our advisors we have carefully assessed all options – pointed out Dennis Hiller, CEO of the car interiors giant – and we have realized that this is the best way to ensure provisions for our customers, thus maximizing the share price for all of our stakeholders and reinforcing the position of our company in the next future”. Debts amount to 196 million dollars, in view of a turnover that reached 540 million dollars in 2016. This is going to be the next step, as revealed by US press: “Allegedly negotiations to transfer the group to creditors are underway”. Such option seems to have become very plausible lately. In fact, on the US law360.com website, they emphasize that GST case “has stepped up considerably”; according to the board of solicitors who are involved in the matter, the transfer will be signed earlier in 2018. Takeover bid is due on January 8. Four days later, on January 12, they will open envelopes and the auction sale for GST will officially start. The group “expects its transfer to be completed” on January 16.
GST Autoleather giant is for sale. Make your bid, as auction is due to close on January 8, 2018
