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GREENSBORO — New York financier Wilbur L. Ross has offered to invest $55 million in a new company that would buy the assets of bankrupt Global Safety Textiles.

GST, a subsidiary of Ross’ Greensboro-based International Textile Group, filed for bankruptcy June 30. The company makes fabrics for automotive air bags.

The offer would give GST “one of the strongest, well-capitalized balance sheets in the automotive industry ... ,” the parties said in a news release. “After the transaction, the new GST will be well-positioned to continue to expand its geographic footprint.”

The company serves customers in the Americas, China and Europe.

“GST’s management and board believe that the (Ross) transaction is the best alternative for GST at this time and that we need to act quickly to preserve the value of our business,” Georg Saint-Denis, president of GST Europe and Asia, said. “Our next step is to obtain our lenders’ consent.”

Ross, chairman and chief executive officer of W.L. Ross & Co., added: “We are excited to make a proposal that we believe would put GST on a stable footing and ensure that it can continue to support its key strategic customers in all the major car producing regions globally.”

Ross & Co. also agreed to provide $25 million in debtor-in-possession loans. The money will provide GST financing until the sale is complete.

Ross is chairman of the board of ITG.

The Automotive News reported this week that 14 suppliers to the auto industry have filed for bankruptcy this year.

Contact Donald W. Patterson at 373-7027 or don.patterson@news-record.com