Creditor Squabble Pushes Back GSC Sale Bid

Law360, New York (December 13, 2010, 5:44 PM EST) -- A judge postponed a hearing Monday over a proposed $235 million sale of bankrupt GSC Group Inc.’s investment management business to creditor Black Diamond Commercial Finance LLC after stakeholders reported they were in gridlock over the deal.

GSC’s outside counsel, Michael B. Solow of Kaye Scholer LLP, told the U.S. Bankruptcy Court for the Southern District of New York that the debtor was not able to iron out disagreements with creditors over the weekend despite hours of negotiations and would not be able to move forward...
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