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GST AutoLeather

The firm was co-counsel to GST Autoleather and its affiliates in their chapter 11 cases filed in U.S Bankruptcy Court for the District of Delaware. The company, now called Pangea, is a leading global designer and manufacturer of automotive leather components with operations in North America, China, South Korea, Europe, and South Africa. The company obtained a $40 million debtor-in-possession financing commitment, which was used to fund ongoing operations while pursuing a going-concern sale. A successful sale process resulted in the purchase of substantially all of the company’s assets after an auction for $166.9 million. The bankruptcy court approved the sale in February 2018. After the sale, the firm successfully obtained court approval of the company’s joint disclosure statement and liquidating plan.