MSR Resort Gets OK For $1.5B Stalking Horse Deal

Law360, New York (September 25, 2012, 5:58 PM EDT) -- A New York bankruptcy judge gave the go-ahead Monday night to bankrupt MSR Resort Golf Course LLC's $1.5 billion stalking horse agreement with affiliates of Government of Singapore Investment Corp., setting a Nov. 8 auction date for the resort owner's assets.

U.S. Bankruptcy Judge Sean H. Lane granted the debtor's motion for approval of the stalking horse procedures, finding that the GIC bid constitutes the highest and best restructuring proposal floated to date in the case and that approval of the stalking horse commitment letter is...
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