ST. SIMONS ISLAND, GA-Sea Island Co. is selling off its assets to Los Angeles-based Oaktree Capital Management LP and New York City-based Avenue Capital Group, who have agreed to pay an amount of $197.5 million.
Sea Island has been suffering from financial problems since being unable to repay the debt taken for the renovation and expansion of the resort in 2006 and 2007. This deal will cause creditors 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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