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Resort Owner Seeks Help for Possible Sale

SEA ISLAND, GA-Goldman Sachs has been hired to review strategic alternatives after missing a $35-million January loan payment.

By Carl Cronan | Updated on February 18, 2010

SEA ISLAND, GA-Private resort owner and real estate developer Sea Island Co. has retained Goldman Sachs to review strategic alternatives, including a possible sale. Additional details will not be disclosed until some sort of agreement is reached.

The decision is the first major step in a process started in late January, in which Sea Island’s board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.

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