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In re GSC, Inc.
United States Bankruptcy Court for the Southern District of New York
453 B.R. 132 (2011)
- Written by Alex Ruskell, JD
Facts
GSC, Inc. (GSC) filed for Chapter 11 bankruptcy, and the court appointed a bankruptcy trustee. Noncontrolling lenders filed a bankruptcy plan that was opposed by several other parties. The opposing parties opposed what constituted a valid class of creditors, whether a creditor should have its vote designated, whether the noncontrolling lenders had standing to propose the plan, and whether investor consent could be obtained. The trustee, noting that litigation over the plan was likely to be extensive, moved the court to allow him to sell GSC’s assets pursuant to § 363 of the Bankruptcy Code instead of following a bankruptcy plan.
Rule of Law
Issue
Holding and Reasoning (France, C.J.)
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