GSC Gets Court OK For $235M Black Diamond Sale

Law360, New York (July 11, 2011, 3:38 PM EDT) -- Struggling investment management firm GSC Group Inc. won a New York bankruptcy judge's blessing Monday to move ahead with the $235 million sale of its assets to Black Diamond Capital Management LLC, beating out objections raised by its minority lenders.

U.S. Bankruptcy Judge Arthur Gonzalez signed off on the Section 363 sale to GSC chief lender Black Diamond over arguments from UBS AG, General Electric Capital Corp. and other minority lenders that the sale should be delayed to allow for a proper Chapter 11 proceeding and...
To view the full article, register now.