Black Diamond-Sponsored GSC Ch. 11 Plan Confirmed

Law360, New York (February 14, 2012, 6:43 PM EST) -- After nearly two years of contentious proceedings, a 10-minute hearing was all it took to bring GSC Group Inc.'s bankruptcy to a close Tuesday, with a New York bankruptcy judge approving a Black Diamond Capital Management LLC-sponsored Chapter 11 plan for the investment management firm.

Once Andrew Tenzer of Shearman & Sterling LLP, an attorney for Chapter 11 trustee James L. Garrity Jr., noted that the single remaining obstacle in the case — a “relatively esoteric” informal objection involving control of GSC's historic accounting entries —...
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