Judge Turns Down AEG/Starwood Bid

A U.S. Bankruptcy Court judge rejected Sept. 9 a late bid to buy the financially strapped Sea Island Company, which filed for Chapter 11 bankruptcy protection Aug. 10.

Although a joint bid of $199 million by Anschutz Entertainment Group and Starwood Capital Group topped a $197 million bid from Oaktree Capital Management and Avenue Capital Group, Judge John Dallas reportedly turned it down, saying AEG and Starwood would have to wait until an Oct. 11 auction to place a bid, according to the Atlanta Journal-Constitution.

Sea Island Company, parent of The Cloister and Lodge hotels, golf courses, spa and beach club in Georgia, reportedly owes Synovius Financial, Bank of America and Bank of Scotland $500 million, the paper said.