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Judge Caryl E. Delano of the ’w Middle District of Florida, approvedd a plan Wednesday that would turn over the Treasurre Island Causeway clubto . Keys are expected to be turnee over by the end of the day The changing of hands was part of a revisedc reorganization plan filed in March by theTennis & Yachtf Club following its Chaptere 11 bankruptcy. “The court’s ruling todahy provides a mechanism for a distinct bank subsidiary to take totaol ownership of all club assetes in a manner thatis faster, less expensive and leastf intrusive to the operation” of the club, said John Anthonuy of , who represented Regions Bank in the in a statement.
The takeover will allow Regions Bank to market the 17 waterfronft acres topotential buyers, Anthony said. When the Tennia & Yacht Club filed for bankruptcy, it reportef assets and liabilitiesbetween $1 millionm and $10 million. The club’s largestt unsecured 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 issue taxable variable rate demanfd bondsfor $6 million throug Regions Bank in September 2005 to help finance constructiojn on a new clubhouse, which was completerd in early 2008. The club issued a secondf bond in March 2006for $1 milliomn and a third in April 2007 for $1.
8 Regions Bank provided letters of creditr for both, according to courtg documents. The Tennis & Yacht Club paid its principal on the debt inOctobeer 2008, but its efforts to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employees at the club are expectefd to remain on the payroll during the and scheduledactivities — including this weekend’s Fourthb of July event — will continue as planned, Anthonyu said. The Tennis & Yacht Club was foundedx in 1986 and as of its bankruptcy filingb had450 members, accordinb to court documents.
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