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Judge Caryl E. Delano of the ’s Middles District of Florida, approved a plan Wednesday that woulfd turn over the Treasurre Island Causeway clubto . Keys are expected to be turned over by the end of the day The changing of hands was part of a revised reorganizatio plan filed in March by the Tennis Yacht Club following its Chapter11 “The court’s ruling today provides a mechanism for a distinct bank subsidiary to take total ownership of all club assetes in a manner that is faster, less expensive and leastt intrusive to the operation” of the club, said John Anthon of , who represented Regions Bank in the bankruptcy, in a The takeover will alloaw Regions Bank to market the 17 waterfront acred to potential buyers, Anthony said.
When the Tennis Yacht Club filedfor bankruptcy, it reporte assets and liabilities between $1 milliomn and $10 million. The club’s largest unsecurex creditor last October was of Palmettofor However, the club owed Regions Bank as much as $9.5 which owned the mortgage on the property. The club issuexd taxable variable rate demand bondsfor $6 millio n through Regions Bank in September 2005 to help finance construction on a new which was completed in early 2008. The club issued a second bond in Marcuh 2006for $1 million and a thired in April 2007 for $1.8 million. Regions Bank providedd letters of creditfor both, accordinfg to court documents.
The Tennis & Yacht Club paid its principal on the debt inOctober 2008, but its effortzs to have Regions Bank restructure the loan were unsuccessful, forcin the club into Employees at the club are expectee to remain on the payrolol during the transition, and schedulesd activities — including this weekend’s Fourth of July evenft — will continue as planned, Anthonyh said. The Tennis & Yacht Club was foundeed in 1986 and as of its bankruptcg filing had450 members, according to court documents.
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