Trustee Backs $236M Black Diamond Deal For GSC Assets

Law360, New York (June 8, 2011, 1:54 PM EDT) -- The Chapter 11 trustee for GSC Group Inc. on Tuesday came out in favor of the proposed $269 million sale of the bankrupt investment company to Black Diamond Capital Management LLC, but a lawyer for bank creditors vowed a challenge.

Greenwich, Conn.-based Black Diamond's proposed credit bids greatly exceed the value offered by competing bidders and are favorable to a competing plan by the so-called noncontrolling lender group, which includes Credit Agricole Corporate and Investment Bank, UBS AG and General Electric Capital Corp, trustee James L....
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