Bankruptcy among the nearby big boys

Southeast Georgia resort Sea Island Co. filed for Chapter 11 bankruptcy on Tuesday, August 10. In round numbers, 1,000 creditors were listed as owing $1 billion, including at least $400 million in debt outstanding from renovations of the Cloister and Lodge hotels. Sea Island has retained Goldman, Sachs & Co. to manage the marketing of its assets.

The cost of Kiawah

Real estate website Luxist.com advertises a 15,000 sq. ft. Kiawah home for sale on Blue Heron Pond Road for $29 million. The lot size is 11.7 acres, where there is a guest house, a pool, and a five–car garage. Kiawah Island Real Estate has the listing.

Local crackers

Charlotte–based snacks manufacturer Lance Inc. is experiencing $13 million in transaction–related expenses in its merger with Snyder’s of Hanover Inc. On the other hand, at the end of the second year after the companies merge, Lance says its savings as a combined company will amount to at least $30 million. The most savings will come in improved efficiencies with its products distribution, administration, and raw materials purchasing. The merged Lance, even with the name change to Snyder’s–Lance, will continue to be listed as LNCE on the Nasdaq stock exchange.

New connections with NYC on US Airways

US Airways Group Inc. is adding more flights into New York City including new flights from seven East Coast cities to LaGuardia Airport. Columbia, Charleston, and Greenville–Spartanburg get new nonstop flights to LaGuardia as of October 31. Greenville–Spartanburg is planning on $84 million in improvements to its terminal to accommodate 2 million passengers annually. The Columbia US Airways leg is called a “near daily” flight service, departing Columbia in the afternoon. In the early morning, Columbia already has LaGuardia

nonstop service with Delta. According to The State

newspaper, Columbians can expect US Airways ticket prices for the new LaGuardia near daily service to cost more than $600. A drive to the Charlotte airport affords nonstop US Airways service on a dozen daily flights for an average fare of about $200. Charlotte is the largest hub for US Airways.

State Supreme Court disagrees with PSC

S.C.’s Public Service Commission approved a $438 million set–aside contingency fund for SCE&G’s $10 billion Jenkinsville nuclear plant expansion in joint venture with Santee Cooper. But the S.C. State Supreme Court rendered a ruling on Monday, August 9, saying SCE&G cannot hit on its customers for the $438 million before construction. The PSC transcended its authority, the court said, begging the question, “Will SCE&G spend the $438 million wisely?”

Local wine lists get rated

Hampton Street Vineyard restaurant behind Sylvan’s jewelers is recognized by Wine Spectator magazine with its “Best Award of Excellence,” which for Hampton Street has been an annual event since 1996. It is the only restaurant in Columbia to receive the award, while altogether 11 S.C. restaurants make the cut. Nationally 788 restaurants are recipients of the “Best Award of Excellence.” The magazine’s “Award of Excellence” went to Columbia’s Motor Supply and Divino’s on Gervais Street and to Terra at the corner of State Street and Meeting Street in West Columbia. Across the country 2,880 restaurants are recognized with the “Award of Excellence.” At the top there are 75

restaurants in the United States with Wine Spectator’s

“Grand Award,” but the only winner near here is the Angus Barn in Raleigh, N.C., where they have 26,000 bottles of wine in the cellar starting at $19 for the house red by Wente Bros. and running up to a 1961 Chateau Petrus, $7,500.

Full foreclosure program

Across South Carolina from June to July, home foreclosures were up more than 36 percent. In Lexington County, the increase in home foreclosures for the same time period hit 57 percent, the highest in the state. According to RealtyTrac.com, July marked the 17th consecutive month with national foreclosure activity total exceeding 300,000.

Insurance industry in S.C.

The S.C. Insurance News Service (http://www.scinsurance. net/) reports the state’s insurance industry provides 39,000 jobs, pays $125 million in state premium taxes, and adds about $3 billion to the gross state product.