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.
Articles tagged with: Global Safety – GST ITG
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.
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.