Starwood's $199M Bid For Sea Island Resort Nixed

Law360, New York (September 10, 2010, 7:01 PM EDT) -- A bankruptcy judge has reportedly refused to allow Starwood Capital Group and KSL Recreation to submit a $199 million late bid for Georgia's Sea Island Co., saying the companies will have to hold off until an Oct. 11 auction to vie for the luxury resort.

Starwood and KSL had dropped out of the initial bidding after two Oaktree Capital Management LP and Avenue Capital Group-managed investment funds beat their previous bid with a $197.5 million offer, the Associated Press reported Friday.

Judge John S. Dalis of...
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