GIC denied right to bid for bankrupt resort

NEW YORK: The Government of Singapore Investment Corporation (GIC) lost a bid to move forward with a US$1.5 billion (S$1.8 billion) offer for a group of resort that United States hedge fund Paulson & Cois seeking to restructure.
         The sovereign wealth fund says the five resort are putting it and other creditors at risk by prolonging their bankcruptcy case and should instead be put for sale.
         US bankcruptcy judge Sean Lane in New York rejected that argument on Wednesday , giving the  resort more time to control the bankcrupty  so they can pursue restructing objectives. GIC sought to end that control so it could push ahead with its offer."The debtors do get a chance to do what Chapter 11 contemplates," Judge  Lane said at a hearing , referring to a section in the bankruptcy code.



member of the group:

• Bella Vista
• Desi Agustiani
• Karsah Mintarsih
• Marimar santi b. hutapea
• Ndayu gustriana 
• Yunia Maharani

class X.3