MetLife, Midland Oppose Resort Co.'s Deal With Singapore

Law360, New York (October 3, 2011, 8:20 PM EDT) -- A MetLife Insurance Co. affiliate and Midland Loan Services Inc. objected Sunday to a settlement between MSR Resort Golf Course LLC and Government of Singapore Investment Corp. allowing the bankrupt resort owner to further extend the exclusivity period for filing its Chapter 11 plan.

The lenders took issue with a Sept. 20 agreement in which the Singapore government-controlled investment firm GIC RE agreed to drop its $1.5 billion offer to buy MSR out of its secured debt and to cooperate with its restructuring plan.

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