Privately-held GST AutoLeather and five affiliated Debtors filed for chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, BankruptcyData.com reported yesterday. The company, which supplies automotive leather products, has obtained a commitment from its senior secured lenders for a $40 million debtor-in-possession facility, the proceeds of which will be used to fund ongoing business operations. This facility will allow GST to continue business as usual during the reorganization process, while pursuing a court-supervised going concern sale.
