Gissing, a unit of a Chinese automotive supplier, carried about $100 million in liabilities, including $13.3 million owed to Tesla. The company makes interior acoustic and cargo management systems at six plants in the U.S. and Mexico.

Gissing

Gissing, a subsidiary of a Chinese automotive supplier, makes interior acoustic and cargo management systems.

CBT Enterprises won the bid to buy Gissing's plant in Sumter, S.C., for $3.5 million.

The deals are not yet final but could close by the end of next week, said Steve Wybo, chief restructuring officer for Gissing and senior managing director at Birmingham-based Riveron Management Services LLC.

Gissing was the first metro Detroit-based automotive supplier to file for bankruptcy in the wake of the COVID-19 pandemic, which set off a host of supply chain problems that still hamper the industry. Since then, half a dozen smaller suppliers in Michigan have filed for bankruptcy.

Gissing, a subsidiary of a Chinese automotive supplier, had up to $100 million in liabilities, including $13.3 million owed to Tesla Inc., according to its original filing. Tesla and other customers, including General Motors, Ford Motor Co. and Stellantis, agreed to keep the supplier afloat until it is sold.

Bloomberg

Gissing North America manufactured interior acoustic and cargo management systems for Tesla, its largest creditor, as well as General Motors, Ford, Stellantis and Toyota.