Law360, New York (September 01, 2010, 6:59 PM ET) -- Alternative investment strategies company GSC Group Inc. and six affiliates have filed for bankruptcy, citing more than $209 million in debt under a credit agreement with Black Diamond Commercial Finance LLC and a decline in revenue caused by a drop in global economic activity.
The firm had less than $10 million in assets and between $100 million and $500 million in liabilities, according to a petition GSC Group Inc. lodged Monday before Judge Arthur J. Gonzalez in the U.S. Bankruptcy Court for the Southern District of...
$209M Black Diamond Debt Sends GSC Into Ch. 11
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