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Second bidder to seek Sea Island

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POSTED: October 6, 2010 9:32 a.m.
BRUNSWICK — Two bidders will compete to become the new owners of Sea Island Co. when the Georgia resort operator is sold at auction next week, two months after it filed for bankruptcy protection.
Starwood Capital Group made a formal offer to the company and its creditors Monday, the deadline for potential buyers to give notice.
The offer means Starwood has pledged to buy Sea Island’s resorts, golf courses and private clubs for more than $197.5 million, the sale price the Georgia company negotiated with a partnership of two equity firms — Oaktree Capital Management of Los Angeles and Avenue Capital Group of New York — before it filed for Chapter 11 protection in August.
“As we have shared before, we are supportive of a competitive auction process, and we are pleased to have moved one more critical step toward resolution,” Sea Island CEO Bill Jones III said in a statement.
The auction is scheduled for next Monday at the Atlanta law office of King & Spalding.
Though Sea Island had a sale agreement with Oaktree Capital Management and Avenue Capital Group, federal bankruptcy law requires an auction if competing bidders emerge.
 

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