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Article List for for Global Safety Textiles – GST – ITG

Strict European Insolvency Laws Next Risk for US Automotive Suppliers

The bankruptcy case of Global Safety Textiles Holdings LLC (“Global Safety” and, together with the affiliates who filed with it, the “Debtors”) illustrates a growing risk for US automotive suppliers and OEMs – the potential failure of an international supply chain due to strict European insolvency laws. »»» Read rest of article . . .

More articles on: " , ". First Published July 5th, 2009.

Global Safety Textiles – Largest Unsecured Bankruptcy Creditors

Global Safety Textiles Holdings LLC (“Global Safety” and, together with 8 domestic and international debtor subsidiaries, the “Debtors”) has filed a consolidated list of the 30 largest unsecured creditors of the Debtors (the “Top Unsecured Creditor List”). This list is remarkable for the small size of the supplier pre-petition claims.  The reasons for this phenomenon are explained in detail in the later post discussing certain substantive aspects of this case. »»» Read rest of article . . .

More articles on: " , , ". First Published July 5th, 2009.

Global Safety Textiles Bankruptcy – Debtors and Non-Debtors

Global Safety Textiles Holdings LLC (“Global Safety” and, together with 8 domestic and international debtor subsidiaries, the “Debtors”) filed bankruptcy on June 30, 2009 in the Bankruptcy Court for the District of Delaware (lead case no.: 09-12234).  The Debtors are part of International Textiles Group, Inc.’s (“ITG”) automotive safety group.  As discussed in detail in a subsequent post, this bankruptcy case is about the non-debtor affiliates of the Debtors – so this post identifies both the Debtors and the foreign affiliated operating non-debtors. »»» Read rest of article . . .

More articles on: " , , ". First Published July 5th, 2009.

27 Automotive Suppliers File Chapter 11 Bankruptcies in 2009; End of Year Status Summary; Likelihood of Bankruptcy Preference Recovery

Pressures in the global automotive industry forced 27 FN1 automotive parts and component manufacturers and 2 automakers to seek Chapter 11 bankruptcy protection in 2009.  The number of filings is only the headline of the story.  While estimated trade creditor distributions on prepetition claims swung the spectrum of 100% to 0%, estimated recoveries of less than 2 percent predominate.  And more trade creditor pain looms in several bankruptcies, as bankruptcy preference action recoveries are either included in liquidation budgets, are necessary to avoid administrative insolvency or are likely to be sought by plan administrators and liquidation trustees.

This article provides a comprehensive list of the 27 automotive supplier Chapter 11 bankruptcies in 2009, together with status at the end of 2009, estimated trade creditor recoveries and the potential for avoidance actions. »»» Read rest of article . . .

More articles on: " , ". First Published January 9th, 2010.

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