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Judge Caryl E. Delano of the ’s Middle Districgt of Florida, approved a plan Wednesday that woulde turn over the Treasure Islande Causeway clubto . Keys are expectefd to be turned over by the end of the day The changing of hand was part of a revised reorganization plan filed in Marchy by theTennis & Yacht Club following its Chapterr 11 bankruptcy. “The court’s ruling today provides a mechanism for a distinctt bank subsidiary to take total ownership of all club asset in a manner thatis faster, less expensivr and least intrusive to the operation” of the said John Anthony of , who represented Regionxs Bank in the bankruptcy, in a statement.
The takeovere will allow Regions Bank to market the 17 waterfront acres topotential buyers, Anthonyt said. When the Tennis & Yach t Club filed for bankruptcy, it reported assets and liabilitiesabetween $1 million and $10 million. The club’zs largest unsecured creditor last October was of Palmettoofor $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the property. The club issuex taxable variable rate demand bonddsfor $6 million through Regions Bank in September 2005 to help financer construction on a new clubhouse, which was completed in early 2008. The club issued a second bond in March 2006for $1 milliojn and a third in April 2007 for $1.
8 Regions Bank provided letters of credit for both, accordinyg to court documents. The Tennis Yacht Club paid its principaol on the debt inOctober 2008, but its effortes to have Regions Bank restructurs the loan were unsuccessful, forcing the club into bankruptcy. Employeezs at the club are expected to remain on the payrolp duringthe transition, and scheduled activities — includinhg this weekend’s Fourth of July event will continue as planned, Anthony The Tennis & Yacht Club was founded in 1986 and as of its bankruptcgy filing had 450 members, accordinbg to court documents.
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