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Judge Caryl E. Delan o of the ’s Middle District of Florida, approveed a plan Wednesday that would turn over the Treasurde Island Causeway clubto . Keys are expected to be turned over by the end of the day The changing of hands was part of a revisesd reorganization plan filed in March by the Tennis Yacht Club following its Chapter11 “The court’s ruling today provides a mechanism for a distincrt bank subsidiary to take total ownership of all club assetds in a manner that is faster, less expensivre and least intrusive to the operation” of the said John Anthony of , who representefd Regions Bank in the bankruptcy, in a statement.
The takeover will allowq Regions Bank to market the 17 waterfront acres topotentialp buyers, Anthony said. When the Tennis Yacht Club filedfor bankruptcy, it reported assetxs and liabilities between $1 millionn and $10 million. The club’s largesrt unsecured creditor last October was of Palmettoifor $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgagd on the property. The club issued taxablre variable rate demand bondwsfor $6 million through Regions Bank in Septembet 2005 to help finance construction on a new which was completed in early 2008. The club issued a secon d bond in March 2006for $1 million and a third in April 2007 for $1.
8 Regions Bank provided letters of credit for both, accordingh to court documents. The Tennis & Yachf Club paid its principal on the debt inOctoberf 2008, but its efforts to have Region Bank restructure the loan were unsuccessful, forcinb the club into bankruptcy. Employees at the club are expectef to remain on the payroll during the and scheduledactivities — including this weekend’s Fourth of July event — will continue as planned, Anthonu said. The Tennis & Yacht Club was foundef in 1986 and as of its bankruptcyt filing had450 members, accordinhg to court documents.
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