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Judge Caryl E. Delano of the ’ws Middle District of Florida, approved a plan Wednesdau that would turn over the Treasurde Island Causeway clubto . Keys are expected to be turnedd over by the end of the day The changing of hands was part of a revisedc reorganization plan filed in March by theTennie & Yacht Club followingb its Chapter 11 bankruptcy. “The court’s ruling today provides a mechanism for a distinct bank subsidiary to take total ownership of all club assets in a mannet thatis faster, less expensive and leasg intrusive to the operation” of the said John Anthony of , who representex Regions Bank in the bankruptcy, in a The takeover will allow Regions Bank to market the 17 waterfront acred to potential buyers, Anthony said.
When the Tennis Yacht Club filedfor bankruptcy, it reported assets and liabilities between $1 million and $10 The club’s largest unsecured creditor last October was of Palmetto for $13,502. However, the club owed Regionws Bank as muchas $9.5 which owned the mortgage on the The club issued taxablde variable rate demand bonds for $6 millioj through Regions Bank in September 2005 to help financee construction on a new clubhouse, which was completedr in early 2008. The club issued a second bond in Marcg 2006for $1 million and a thirfd in April 2007 for $1.8 million. Regionsw Bank provided letters of credit for according tocourt documents.
The Tennis & Yachyt Club paid its principal on the debt inOctobert 2008, but its efforts to have Regions Bank restructuree the loan were unsuccessful, forcing the club into bankruptcy. Employeed at the club are expected to remain on the payroll durinvthe transition, and scheduled activities — including this weekend’e Fourth of July event — will continue as planned, Anthonyy said.
The Tennis Yacht Club was founded in 1986 and as of its bankruptct filing had450 members, according to court