On Thursday, Sea Island Co., the elegant Southern resort that tumbled into bankruptcy last August, will ask Judge John S. Dalis of the Brunswick, Ga., bankruptcy court to sign off on its plan to exit Chapter 11 protection.
Sea Island, which sold its assets at a bankruptcy auction earlier this month, is exiting bankruptcy under new ownership. Four firms--Oaktree Capital Management LP and Avenue Capital Group, along with billionaire Philip Anschutz's Anschutz Corp. and Starwood Capital Group Global--bought the resort's assets for $212.4 million.
The resort's plan divvies up the proceeds from the sale. Most of the proceeds are earmarked for the company's lenders, owed at least $340 million. The resort's unsecured creditors are only slated to recoup about $3 million.
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