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Judge OKs Sea Island sale

POSTED: November 5, 2010 1:32 p.m.
BRUNSWICK — A bankruptcy judge Thursday approved Sea Island Co.’s plan to sell its luxury resorts, golf courses and private clubs for $212.4 million to settle crushing debts that forced the Georgia company to seek protection from lenders.
Judge John S. Dalis noted the sale received almost unanimous support from Sea Island’s creditors.
Lenders including Synovus Bank, Bank of America and Bank of Scotland will recoup about a third of more than $600 million in outstanding loans to Sea Island. Unsecured creditors, including former Sea Island executives, stand to receive about 6 cents per dollar owed to them from a pool totaling $6.3 million.
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