Sea Island Co., the Georgia resort that aspired to be the “Pebble Beach of the East” before the financial crisis, said it reached an agreement to sell most of its assets to a group including Avenue Capital Group and Oaktree Capital Management LP.
Synovus Financial Corp. settled a shareholder lawsuit over more than $200 million in bad loans to Georgia luxury resort Sea Island Co. that the investors say were approved with a “golf course handshake” between executives of the two companies.
Publisher Tribune Co. announced yesterday that mediation resulted in agreement with some creditors on a reorganization plan along the lines proposed earlier this month by creditors Oaktree Capital Management LP and Angelo Gordon & Co.
Publisher Tribune Co. filed a modified Chapter 11 plan on Oct. 23 incorporating a revised settlement announced this month. In addition to Tribune, proponents of the revised plan include the official creditors’ committee, senior lenders Oaktree Capital Management LP and Angelo Gordon & Co., and JPMorgan Chase Bank NA, as agent for the senior lenders.