Synovus Financial Corp. investors, led by two pension funds, reached an $11.8 million settlement of a lawsuit against the bank over more than $200 million in soured loans to the Georgia luxury resort Sea Island Co., according to a court filing.
Hellenic Seaplanes S.A., a new airline set to start flying tourists between Greek islands this summer, forecasts that sea-based commercial carriers could generate 1 billion euros ($1.4 billion) in annual revenue as European travelers return to a country emerging from recession.
Comments by the leaders of Japan and the Philippines drawing parallels between China’s growing assertiveness in the region and events in pre-war Europe are “not helpful,” said the commander of U.S. air forces in the Pacific.
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.