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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:04 AM
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Sea Island files for bankruptcy

Sea Island Assets to Go to Oaktree and Avenue
August 11, 2010, 7:32 am

Sea Island Co., the Georgia resort that aspired to be the Pebble Beach of the East before the financial crisis, said it had reached an agreement to sell most of its assets to a group including Avenue Capital Group and Oaktree Capital Management.

The value of the transaction was not disclosed in a statement to Business Wire. Sea Island was nearing an agreement to be bought by Avenue Capital and Oaktree for about $200 million, people with knowledge of the matter told Bloomberg News.

Sea Island also filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code, according to the statement. A meeting is scheduled for Wednesday morning to update Sea Island residents on the plan, said the people, who declined to be identified because the details werent final. /

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