GSC Ch. 11 Plan Aims To Put Sankaty In Charge

Law360, New York (April 26, 2011, 3:56 PM EDT) -- Creditors in the rocky bankruptcy of GSC Group Inc. asked a judge in New York on Monday to approve a plan of reorganization that would see Sankaty Advisors LLC, an affiliate of Bain Capital LLC, take over management of the alternative investment company.

The plan, the first of the proceedings, was put forth after a controversial asset sale, spearheaded by GSC principals who wanted to sell to secured creditor Black Diamond Commercial Finance LLC, fell apart in January.

The so-called noncontrolling lender group, which includes Credit...
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