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GIC Bid for Paulson Resorts Moves to Auction

Sept. 10 (Bloomberg) -- Government of Singapore Investment Corp.’s $1.5 billion offer for resorts owned by hedge fund Paulson & Co. will move forward to an auction where GIC will lead the bidding.

The Singapore sovereign wealth fund has agreed to buy the four resorts, which filed for bankruptcy last year, subject to higher bids. U.S. Bankruptcy Judge Sean Lane in Manhattan said at a court hearing today that he would approve an order allowing the auction.

Paulson put five resorts into bankruptcy last year after a foreclosure and later sold the Doral Golf Resort and Spa in Miami. The remaining four resorts are the Grand Wailea in Hawaii, La Quinta Resort & Club in La Quinta, California, the Arizona Biltmore in Phoenix, and the Claremont Hotel Club & Spa in Berkeley, California.

The auction, originally scheduled for Oct. 25, will be moved to Nov. 8, Paul Basta, an attorney for the resorts, said in court.

The case is In re MSR Resort Golf Course LLC, 11-10372, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

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