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.