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Chapter 11 Filing Alert: GSC Group, Inc. (formerly Greenwich Street Capital Partners, Inc.)

 On Tuesday evening, GSC Group, Inc. and affiliates GSCP, LLC, GSC Active Partners, Inc., GSCP (NJ), Inc., GSCP (NJ) Holdings, L.P., GSCP (NJ), L.P., and GSC Secondary Interest Fund, LLC voluntarily filed for chapter 11 bankruptcy protection in the Southern District of New York.  The company, which was formerly Greenwich Street Capital Partners, Inc., was founded in 1994 as a subsidiary of Travelers Group, Inc.  Following the 1998 merger of Travelers and Citicorp, GSC was spun off as an independent company. 

The privately-owned company describes itself as a diversified alternative asset manager which "provides debt-focused investment management of alternative assets with a full spectrum of complementary investment product offerings."  GSC's operations are organized around the following product lines: Distressed Debt, U.S. Corporate Debt, European Corporate Debt and European Mezzanine Lending, and U.S. ABS CDOs. As of the end of March 2010, GSC had $8.4 billion in assets under management, down from a high of $28 billion of assets under management.

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