Judge examines Sea Island bankruptcy plan
A federal judge is scheduled to hear a case from Georgia's Sea Island resorts this week.
A federal judge is scheduled to hear a case from Georgia's Sea Island resorts this week. The hearing hopes to settle the company's outstanding bankruptcy case.
Bankruptcy Judge John Dalis could approve the plan which would sell off resorts, golf courses, restaurants and other assets valued at more than $212 million.
If approved, the plan could vault the company out of Chapter 11 bankruptcy soon after, according to The Associated Press. The judge must still approve the sale, and hear objections from creditors before the proposed plan can be finalized.
Sea Island filed for bankruptcy protection in August of this year, citing expensive renovations and a sputtering tourism industry as reasons, the news source says. At the time of the filing, the chain, with multiple locations off the coast of southern Georgia, had amassed a $700 million debt to creditors.
The resort conglomerate was sold at an auction last month to a group of investment firms. The new investors plan to manage Sea Island's existing properties as a four-way partnership.
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