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Thursday, November 4, 2010 - 4:22am

Sea Island Settles Bankruptcy

Updated: 6 years ago.
The Sea Island Company filed for Chapter 11 because of $700 million in debt. The Company is set to go before a federal judge Thursday to settle its bankruptcy case. (Photo Courtesy of Lisa via Flickr)

A bankruptcy judge has approved Sea Island Co.'s plan to sell its luxury resorts, golf courses and private clubs to settle the Georgia company's Chapter 11 case.

Judge John S. Dalis noted Sea Island's creditors voted almost unanimously in favor of the $212.4 million sale as he ruled in court Thursday.

The decision paves the way for Sea Island to emerge from bankruptcy protection less than three months after the company filed under Chapter 11, saying costly renovations and a sagging economy left it saddled with more than $700 million in debt.

At an auction last month, competing investment firms struck a deal to jointly purchase and manage Sea Island's properties as a four-way partnership.