Sea Island Lenders, Creditors Settle Lien Disputes

Law360, New York (October 25, 2010, 6:20 PM EDT) -- Sea Island Co. has reached a settlement over liens disputed by unsecured creditors, clearing the way for confirmation of the Georgia luxury resort and real estate developer’s Chapter 11 liquidation plan.

The settlement will double total distributions to unsecured creditors, from $3 million to $6.3 million, resolving concerns raised by the official committee of unsecured creditors over which assets the secured lenders held liens against and how proceeds from the sale of those assets would be distributed, according to the debtors’ settlement motion filed Friday in...
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