Mobile Marketer Aims To Sell Units To Blackstone In Ch. 11

Law360, Wilmington (November 4, 2013, 6:16 PM EST) -- U.S. units of global mobile marketing and advertising firm Velti PLC filed for Chapter 11 protection Monday in Delaware, as the company gears up to sell the businesses along with its Indian and U.K. affiliates to the credit division of private equity giant Blackstone Group LP.

Affiliates of Blackstone unit GSO Capital Partners LP on Friday bought Velti's secured debt — which has been in default for about a year and has about $57.5 million outstanding not including interest — from a group of lenders led...
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