Revitalization Plans Become Concrete at the Jekyll Island Convention Center Groundbreaking

/PRNewswire/ -- Governor Sonny Perdue, the Jekyll Island Authority (JIA) Board of Directors, staff, legislative and business representatives and members of the community gathered just north of the former convention center December 7 to commemorate the beginning of construction on the new Jekyll Island convention center and beach village.

The new Jekyll Island convention center replaces the former center and will be the only oceanfront convention facility in the southeast. The new center is expected to achieve Leadership in Energy & Environmental Design (LEED) certification at a Silver level. The 128,000 sq. ft. facility will feature many "green" aspects including structural facets that serve to capture and reuse rainwater, alternative/renewable energy generation and use and the latest in energy-saving technology.

Construction on the ocean front convention center is expected to take approximately 18 months and is scheduled to be complete along with the two new hotels, loft condominiums and 40,000 sq. ft. of retail space that make up the commercial components of the new Jekyll Island Beach Village in 2012. Great Dunes Park and a public village green are integrated to create a new, vibrant beachside destination on Jekyll Island.

"The revitalization of Jekyll Island is a story of renewal – of restoring the island to its rightful place as a premier public beach resort available to all Georgians and visitors," stated Governor Perdue. "This project is already benefiting a reinvigorated coastal Georgia economy, and I look forward to seeing the finished product thanks to the hard work and dedication the Jekyll Island Authority Board of Directors and the Jekyll Island Authority staff have invested in this effort."

The facility will be integrated into its natural beachfront location in a manner that minimizes impact on the environment while creating a wonderful and unique guest experience. The interior design will celebrate the natural transect of the island from the dunescapes to the marsh vistas.

"We can not be more excited to embark on this monumental project for Jekyll Island," stated Chairman Bob Krueger. "My hope is for the new convention center to create a wealth of special memories just as the former has done for so many visitors and residents alike."

The day concluded with JIA Executive Director Jones Hooks inviting ceremony guests to make a permanent mark on slabs of wet cement to signify the permanence of revitalization. The cement tiles will be used in the new Beach Village area as a lasting tribute to those who have worked together to make the revitalization of Jekyll Island a reality.

"In this economy, it is truly remarkable that we are at this critical point of getting construction underway," stated Jones Hooks. "Timing has always been a critical element, and what we have been able to accomplish over the last twelve months is almost a miracle and would not be possible if not for the steadfast support of the Governor, the state legislature and our JIA Board."

Brasfield & Gorrie, LLC, the Georgia based general contractor for the convention center and related infrastructure will begin construction in January of 2011. Currently crews are sorting out material from the demolition debris to be recycled. Concrete is being ground to be used as the base for the new convention center and beach village streets. The beginning of construction on the convention center and accompanying retail area signifies the cornerstone of revitalization efforts for the Jekyll Island Authority.

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Sea Island Company Reaches Agreement to Sell Substantially All Assets to Limited Partnership Formed by Investment Funds Managed by Oaktree Capital Management, L.P. and Avenue Capital Group

-(BUSINESS WIRE)--Sea Island Company, a private resort and real estate development company, today announced that it has reached an agreement to sell substantially all of its assets to Sea Island Acquisition LP (“SIA”), a limited partnership formed by investment funds managed by the global investment firms Oaktree Capital Management, L.P. and Avenue Capital Group. The sale agreement follows a robust process – begun late last year – in which Sea Island Company reviewed all of its strategic alternatives and determined that this agreement is the best possible outcome for the Company and its stakeholders.

“We are very pleased to have reached an agreement with an investment group that has come to know Sea Island well and appreciate what made us special from the start”

Under the terms of the agreement, the Company’s businesses will remain intact and retain their core values and culture. After the sale, the businesses will continue under the leadership of Bill Jones III, Chairman and Chief Executive Officer, and David Bansmer, President and Chief Operating Officer.

To facilitate the sale, Sea Island Company, Sea Island Coastal Properties, LLC and their subsidiaries today filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Chapter 11 cases and sale enjoy the support of all of the Company’s secured lenders and are expected to be completed by year-end. In the interim, the Company has secured a debtor-in-possession (DIP) loan from certain of its secured bank lenders, providing access to additional liquidity should it be required during this period.

The action, filed in the Southern District of Georgia in Brunswick, allows the Company’s businesses to continue normal operations. All of Sea Island Company's operations, including The Lodge, The Cloister, The Cloister Spa and Fitness Center, The Sea Island Club, the Ocean Forest Golf Club, The Sea Island Beach Club, as well as the golf facilities, are open and business will continue without any disruptions to the superior service provided to members and guests. All reservations will be honored and guests will enjoy all of the facilities and experiences they booked at the time of their reservation.

In conjunction with its Chapter 11 filing, Sea Island Company today filed a Plan providing for the sale of substantially all of its assets free of its approximately $600 million of existing secured debt. SIA will own and operate the resort and golf courses without any interruption in services. All obligations owed by Sea Island Company to its trade vendors will be assumed by SIA. All existing employees of Sea Island Company will be offered employment by SIA. All club members will be offered the opportunity to continue to enjoy the same benefits and services at their respective clubs and receive full credit for their deposits paid.

The Board of Directors of Sea Island Company has approved the Asset Purchase Agreement, which is subject to a court-supervised auction process. The agreement was filed with the Court today, along with the DIP financing commitment and a variety of “First Day” motions that will allow the Company to continue to conduct its business as usual.

“We are very pleased to have reached an agreement with an investment group that has come to know Sea Island well and appreciate what made us special from the start,” stated Bill Jones III, Chairman and Chief Executive Officer of Sea Island Company. “Our commitments to our members, employees, guests and community were carefully considered throughout our review of strategic alternatives and we believe this is the best outcome. The purchasers have seen first-hand the value of what we have built – the finest collection of resort assets in the world with the highest accolades and best service. The additional financial strength gained through the transaction provides an ideal foundation for our future.”

Sea Island Company President and Chief Operating Officer David Bansmer added, “Today’s actions are the culmination of a comprehensive process initiated by Sea Island Company’s management and Board of Directors to put our financial challenges definitively in the past and secure a more certain future for our businesses. After completing the Chapter 11 process and the related asset purchase agreement, our businesses will be financially strong – with the same superior service and southern hospitality.”

Sea Island Company's financial advisors are FTI Consulting and Goldman Sachs & Co., and its legal advisor is King & Spalding LLP.

Information about the proposed sale and Sea Island Company's Chapter 11 proceedings is available on the Company's website at www.ourfuture.seaisland.com. Information about the claims process and court filings can be accessed at www.epiqsystems.com. Vendor inquiries can be directed to 1- 888-886-6162 or vendors@seaislandnews.com.

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Mercedes-Benz USA Vehicle Preparation Center in Brunswick, Georgia Marks its Opening

/PRNewswire/ -- Mercedes-Benz USA (MBUSA) marks the official opening of its Brunswick, Georgia Vehicle Preparation Center (VPC) during a ribbon cutting ceremony held by Ernst Lieb, CEO of Mercedes-Benz USA for employees and Georgia State dignitaries including Lt. Governor of Georgia Casey Cagle, Steven Green, Chairman of the Board for the Georgia Ports Authority, and U.S. Senator, Mack Mattingly.

"Today's event is a prime example of the impact one company can have on a community and why job creation is our top priority. We are proud to welcome Mercedes-Benz and stand ready to assist and support them as they continue to invest in Georgia," said Lt. Governor Casey Cagle.

The Brunswick Vehicle Preparation Center in its entirety consists of four structures (under roof) totaling 103,260 sq. ft on a 50 acre site. It is one of five VPC facilities in the U.S. that serve as the first stop - after U.S. Customs - for new Mercedes-Benz vehicles destined for Mercedes-Benz dealerships throughout the United States. Located in Glynn County on the south side of Colonels Island, the Brunswick VPC is strategically port-located to processes vehicles headed for Mercedes-Benz dealerships throughout the Southern Region, Texas and Oklahoma.

"The opening of the new VPC, and the choice of this location, represents our ongoing commitment to drive operational efficiencies that ensure we are giving our dealers what they need to provide the very highest levels of customer satisfaction," said Ernst Lieb, CEO of Mercedes-Benz USA. "This new facility has already enabled reductions in terms of cost and time in the delivery of new vehicles and this is obviously to the benefit of our customers."

In addition its strategic location to improve efficiencies, many of the key functions for vehicle inspection and prep leverage advanced computerized control systems and facilities designed to ensure the high quality condition of each new vehicle. The VPC is capable of accessory installation, full body shop operations, homologation operations, and vehicle detailing and distribution operations.

The VPC is built with functional design and efficiency to optimize the employee work environment. The VPC is in the process of being LEED Certified as it incorporates components that are environmentally friendly from water use reduction to indoor environmental quality controls including use of daylight in 75 percent of spaces, thermal monitors and construction materials.

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