Velti, Blackstone Units Rip Creditors' Ch. 11 Sale Gripes

Law360, Wilmington (November 27, 2013, 4:56 PM ET) -- U.S. units of mobile marketer Velti PLC and their stalking horse bidder, the credit arm of Blackstone Group LP, pushed back Wednesday against criticism of the bankruptcy case from the creditors committee, arguing the body is spinning facts to gain leverage and an uncertain piece of the sale proceeds.

In two separate strongly worded reply motions before the Delaware bankruptcy court, Blackstone unit GSO Capital Partners LP, which is the stalking horse bidder and major secured creditor, says that the committee “twists and mischaracterizes facts,” putting...
To view the full article, register now.