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. Full story
