GSC Lenders Fight To Halt $235M Black Diamond Sale

Law360, New York (June 29, 2011, 6:22 PM EDT) -- GSC Group Inc.’s minority lenders on Wednesday urged a New York bankruptcy judge to delay the $235 million sale of the investment company’s assets to Black Diamond Capital Management LLC and put their reorganization plan in play.

U.S. Bankruptcy Judge Arthur Gonzalez adjourned a hearing Wednesday until July 6, when he will decide whether to authorize the 363 sale to GSC’s chief lender Black Diamond or give the dissident lenders the chance to solicit support for their Chapter 11 plan, the lender group’s attorney J. Christopher...
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