The Government of Singapore Investment Corporation (GIC) has lost a battle over a $1.5 billion bid for bankrupt Paulson &Company resorts, Bloomberg reports. As per the GIC, which is a creditor in the case that owns $360 million in mezzanine debt, the resorts are putting it and other creditors at risk.
The court has given the resorts more time to control the bankruptcy. Paulson along with other investors took ownership of eight resorts, including the Grand Wailea resort in Hawaii, through a foreclosure earlier in 2011.
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