Resort Co. Fends Off Singapore In Bankruptcy Hearing

Law360, New York (June 29, 2011, 4:00 PM EDT) -- Singapore sovereign wealth funds hoping to buy Paulson & Co.-owned luxury hotel company MSR Resort Golf Course LLC out of bankruptcy lost a bid Wednesday in New York to wrest away the debtor's control of Chapter 11 proceedings.

U.S. Bankruptcy Judge Sean H. Lane granted MSR's motion to extend to Sept. 29 the period during which it has the exclusive right to advance a reorganization plan, overruling objections from affiliates of the Government of Singapore Investment Corp. and two lenders.

“The evidence here supports the debtor's...
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