A bankruptcy judge said Oaktree Capital Management and Avenue Capital Group can serve as the lead bidders at the auction for Sea Island Co. but denied their request for a $2.5 million "overbid" premium, according to a lawyer involved in the Georgia resort's Chapter 11 case.
Judge John S. Dalis of U.S. Bankruptcy Court in Brunswick, Ga., signed off on the auction procedures approving Oaktree and Avenue's stalking horse, or lead, bid at a hearing Thursday, said the creditors committee's lawyer, Jordi Guso.
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