GST AutoLeather reorganization plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, April 20 – GST AutoLeather, Inc.’s plan of reorganization was unanimously accepted by all but one class of voting creditors, according to a ballot report filed April 19 with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all 24 holders of $94.87 million in pre-bankruptcy lender claims, the two holders of $32.99 million in mezzanine lender claims and the one holder of $1.00 each in GST AutoLeather Cayman I, Ltd., GST AutoLeather Cayman II, Ltd., GST AutoLeather Holdco Corp., GST Innovations, LLC and Strategic Financial LLC unsecured claims voted to accept the plan.

In addition, 24 holders, of 82.76% in number, of $10.23 million, or 96.78% in amount, of GST AutoLeather, Inc. unsecured claims voted to accept the plan, while five holders, or 17.24% in number, of $342,036, or 3.22% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for April 25.

GST, a Southfield, Mich.-based automotive leather manufacturer, filed bankruptcy on Oct. 3, 2017. The Chapter 11 case number is 17-12100.

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