$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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.