$209M Black Diamond Debt Sends GSC Into Ch. 11

Law360, New York (September 1, 2010, 6:59 PM EDT) -- 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...
To view the full article, register now.