Judge to consider Sea Island bankruptcy plan - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Judge to consider Sea Island bankruptcy plan

BRUNSWICK, Ga. (AP) - A federal judge is scheduled to consider Sea Island Co.'s proposal to settle its bankruptcy case by selling its resorts, golf courses and other assets for $212.4 million.

Bankruptcy Judge John S. Dalis could approve the coastal Georgia resort operator's plan to emerge from Chapter 11 at a hearing Thursday afternoon.

Sea Island filed for bankruptcy protection in August, saying costly renovations and a sagging economy left the company saddled with more than $700 million in debt.

At an auction last month, competing investment firms struck a deal to jointly purchase and manage Sea Island's properties as a four-way partnership.

The judge must approve the sale, after weighing any objections from Sea Island's creditors, before the deal becomes final.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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