We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.