GSC Fights Lenders To Advance $235M Sale Pitch

Law360, New York (July 6, 2011, 5:43 PM EDT) -- The trustee overseeing fallen hedge fund GSC Group Inc. battled a group of lenders in New York bankruptcy court Wednesday over its efforts to halt a proposed $235 million sale of the company’s assets to Black Diamond Capital Management LLC.

U.S. Bankruptcy Judge Arthur J. Gonzalez heard testimony over whether the sale or the minority lenders’ alternative reorganization pitch would be in the best interest of the estate and creditors. The hearing was expected to continue well into Wednesday evening over which option to pursue in...
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