GST Autoleather Cleared For Ch. 11 Bidding, Borrowing

Law360, Wilmington (November 13, 2017, 10:19 PM EST) -- Last minute talks produced an interim breakthrough Monday on post-petition borrowing and Chapter 11 bidding for bankrupt upholstery maker GST Autoleather Inc., although tensions remain high between unsecured creditors and lenders.

Judge Laurie Selber Silverstein approved the company’s debtor-in-possession loan agreement, initially proposed at $40 million, with agent Royal Bank of Canada after more than an hour of closed-door talks produced an agreement adding to fees available for the company’s committee of unsecured creditors.

Benjamin M. Rhode of Kirkland & Ellis LLP, counsel to Autoleather, told Judge Laurie Selber Silverstein that the agreement set a $1.7 million cap on fees paid...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!