Black Diamond's plan for GSC Group accepted by most voting creditors

By Caroline Salls

Pittsburgh, Feb. 8 - All but one voting creditor accepted the Chapter 11 plan that designated asset purchaser Black Diamond Capital Management, LLC filed for GSC Group, Inc.'s bankruptcy case, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

All five holders of 104,639 preferred equity interests voted to accept the plan, as did 46 holders, or 97.87% in number, of $14.07 million, or 99.99% in amount, of general unsecured claims.

Meanwhile, one holder, or 2.13% in number, of $1,838, or 0.01% in amount, of general unsecured claims voted to reject the plan.

The plan confirmation hearing is scheduled for Feb. 14.

Florham Park, N.J.-based investment manager GSC Group filed for bankruptcy on Aug. 31, 2010. Its Chapter 11 case number is 10-14653.

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