Black Diamond Capital Management has received a U.S. bankruptcy court’s approval to acquire all the investment management business and related assets of GSC Group and its affiliates. As per the deal, Black Diamond will take over about $7 billion in assets under management from GSC. Black Diamond will also hire about15 GSC employees. In total, the firm will manage about $13 billion of assets across its control distressed/private equity, mezzanine hedge fund and CLO vehicles.

Click here for the release from PR Newswire.