SAVANNAH, Ga. (AP) — Sea Island Co. is seeking federal bankruptcy protection and says it plans emerge from Chapter 11 by selling its coastal Georgia resorts, golf courses and private clubs for $197.5 million.
Sea Island Co. filed for bankruptcy protection Tuesday in federal court in Brunswick. Court filings say the company is unable to pay more than $482 million in debt used to finance costly renovations and expansions completed in 2007.
Since the 1920s, Sea Island has catered to wealthy guests, celebrities and even presidents. In 2004, President George W. Bush hosted the Group of Eight world leaders' summit on the resort island near Brunswick.
Court filings say the economic crisis spoiled plans by Sea Island's owners to sell undeveloped coastal land to pay off debts. The meltdown also hurt its resort business.
