Lloyds exposed to resort failure

British taxpayers are on the hook for millions of pounds of losses after Sea Island, an exclusive US holiday resort part-owned by Lloyds Banking Group, filed for Chapter 11 bankruptcy. The founding family behind the property hopes to sell it to out of bankruptcy to a consortium of investors for $198m (£126m). At the end of last year, Lloyds was among banks exposed to the tune of $340m through loans to the company. Sea Island began life in 1929 and has hosted prestigious guests such as Presidents Coolidge and Eisenhower.