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.)

Powered by Frankly