ST. SIMONS ISLAND, GA-Sea Island Co. is selling off its assetsto Los Angeles-based Oaktree Capital Management LP and New YorkCity-based Avenue Capital Group, who have agreed to pay an amountof $197.5 million.
Sea Island has been suffering from financial problems sincebeing unable to repay the debt taken for the renovation andexpansion of the resort in 2006 and 2007. This deal will causecreditors to let go of $340 million in loans held by the resort.For the full story, go to the Wall Street Journal.
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