SAVANNAH, Ga. AP - Competing bidders ended up banding together Monday to negotiate a deal to jointly buy Sea Island Co. for $212.4 million at an auction intended to settle the Georgia luxury resort operator's bankruptcy case.If a federal bankruptcy judge approves the sale, Sea Island's new owners will be a four-way partnership.
October 12, 2010 at 12:00 AM
1 minute read
SAVANNAH, Ga. AP – Competing bidders ended up banding together Monday to negotiate a deal to jointly buy Sea Island Co. for $212.4 million at an auction intended to settle the Georgia luxury resort operator’s bankruptcy case.
If a federal bankruptcy judge approves the sale, Sea Island’s new owners will be a four-way partnership. They ultimately agreed to pay nearly $15 million more than the company’s resorts, golf courses and private clubs would have fetched without going on the auction block.
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