SOUTHFIELD, Mich., Feb 15 (Bernama-GLOBE NEWSWIRE) -- GST AutoLeather, Inc. ("GST" or the "Company"), a leading developer and manufacturer of automotive leather, announced today that it has obtained the approval of the United States Bankruptcy Court for the District of Delaware for the sale of substantially all of the assets of the Company and its foreign subsidiaries to GST Lender Acquisition Corp., an entity formed by the Company's Senior Secured Lenders and majority controlled by Black Diamond Capital Management, L.L.C.
The Court's approval followed an auction completed on January 13, 2018 where GST Lender Acquisition Corp. was the successful bidder with a winning bid of $166.9 million. The Company anticipates that the sale will be completed in the next 60 days, subject to customary closing conditions and regulatory approvals.
The Court's approval followed an auction completed on January 13, 2018 where GST Lender Acquisition Corp. was the successful bidder with a winning bid of $166.9 million. The Company anticipates that the sale will be completed in the next 60 days, subject to customary closing conditions and regulatory approvals.
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