New rules for dogs on St. Simons Island are drawing both cheers and jeers from dog lovers. On the one hand, Glynn County officials are banning dogs on the island's beach this summer when the sand is most popular, during the day. On the other hand, they're giving dog owners the discretion to unleash their dogs and let them roam free in the mornings and evenings.
Unsecured creditors of bankrupt Sea Island Company will get pennies on the dollar for the money they're owed. A federal bankruptcy judge has approved the coastal resort's sale to a four-way partnership of out-of-state investors. The bulk of the company's $212 million sale price will go to secured creditors like banks. Unsecured creditors like retired executives will get just $6 million of the $100 million they're owed.
Five company officials shared about $500,000 in bonuses after laying off workers and cutting salaries at the troubled resort company, one of Glynn County's largest private employers. Shortly after they took the bonuses, Sea Island declared bankruptcy.
The Georgia-based Sea Island Company has filed for Chapter 11 bankruptcy protection. The coastal resort and development firm had trouble finding buyers for undeveloped land. Sea Island Company needed land buyers because it was in debt to the tune of $428 million.
The sale of more than 20,000 acres on the coast comes while the resort and land development company seeks to restructure itself. Brunswick's largest employer faces massive debt after pursuing luxury customers just before the recession hit.