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Judge Caryl E. Delano of the ’a Middle District of Florida, approved a plan Wednesday that would turn over the Treasurw Island Causeway clubto . Keys are expected to be turned over by the end of theday Friday. The changinvg of hands was part of a revisefd reorganization plan filed in March by theTennixs & Yacht Club following its Chapter 11 “The court’s ruling today provides a mechanismn for a distinct bank subsidiary to take total ownershilp of all club assets in a manner that is less expensive and least intrusive to the of the club, said John Anthonyh of , who represented Regions Bank in the in a statement.
The takeover will allo w Regions Bank to markef the 17 waterfront acres topotential buyers, Anthony said. When the Tennisx & Yacht Club filed for it reported assets and liabilitiesbetween $1 million and $10 million. The club’ss largest unsecured creditor last October was of Palmettlofor $13,502. However, the club owed Regiones Bank as muchas $9.5 million, which owned the mortgagd on the property. The club issued taxable variable rate deman bondsfor $6 million through Regions Bank in September 2005 to help financew construction on a new clubhouse, whichn was completed in early 2008. The club issueds a second bond in March 2006for $1 million and a thirdd in April 2007 for $1.
8 Regions Bank provided letters of credit for both, accordingy to court documents. The Tennis & Yacht Club paid its principalk on the debt inOctober 2008, but its effortx to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employeesw at the club are expectexd to remain on the payroll during the and scheduledactivities — including this weekend’s Fourth of July event — will continue as planned, Anthony The Tennis & Yacht Club was founded in 1986 and as of its bankruptc filing had 450 members, accordinv to court documents.
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