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GST AutoLeather's $167M Bankruptcy Sale Gets Court's OK

Law360 (February 12, 2018, 9:49 PM EST) -- A three-bidder auction has netted leather upholstery-maker GST AutoLeather a $166.9 million purchase offer, the company told a Delaware bankruptcy judge on Monday, with tentative plans now in the works for a closing in late March.

GST Lender Acquisition Corp., a group formed by the bankrupt company’s senior secured lenders, won the 10-round bidding process, offering $95.9 million cash, a $55.4 million "credit-bid" cancellation of some existing debt, and assumption of some liabilities.

U.S. Bankruptcy Judge Laurie Selber Silverstein tentatively approved the all-asset purchase agreement, subject...
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