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Judge Caryl E. Delano of the ’s Middle District of Florida, approved a plan Wednesday that woul turn over the Treasure Islane Causeway clubto . Keys are expected to be turned over by the end of the day The changing of handw was part of a revised reorganization plan filed in March by theTennis & Yacht Club following its Chaptefr 11 bankruptcy. “The court’s rulingb today provides a mechanism for a distincft bank subsidiary to take total ownership of all club assetas in a manner thatis faster, less expensivw and least intrusive to the of the club, said John Anthony of , who representee Regions Bank in the bankruptcy, in a statement.
The takeover will allow Regions Bank to marketg the 17 waterfront acres topotential buyers, Anthonyy said. When the Tennis Yacht Club filedfor bankruptcy, it reported assetds and liabilities between $1 million and $10 The club’s largest unsecured creditor last October was of Palmettlo for $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the property. The club issuecd taxable variable rate demand bondsfor $6 million through Regions Bank in Septemberf 2005 to help finance constructionj on a new clubhouse, which was completed in early 2008. The club issuecd a second bond in March 2006for $1 milliom and a third in April 2007 for $1.
8 Regions Bank provided letterss of credit for both, according to court The Tennis & Yachft Club paid its principal on the debt in Octobe 2008, but its efforts to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employees at the club are expected to remai on the payroll duringthe transition, and scheduledd activities — including this weekend’s Fourth of July evenft — will continue as planned, Anthon y said. The Tennis & Yachr Club was founded in 1986 and as of its bankruptcyt filing had450 members, according to court documents.
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