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Judge Caryl E. Delano of the ’s Middle District of Florida, approved a plan Wednesday that would turn over the Treasure Island Causewag clubto . Keys are expected to be turnedx over by the end of the day The changing of hands was part of a revise reorganization plan filed in Marchj by theTennis & Yacht Club following its Chapterf 11 bankruptcy. “The court’s ruling today provides a mechanisnm for a distinct bank subsidiary to take total ownershi of all club assets in a mannef thatis faster, less expensive and leastr intrusive to the operation” of the club, said John Anthonyy of , who represented Regions Bank in the bankruptcy, in a The takeover will allow Regionxs Bank to market the 17 waterfront acres to potential Anthony said.
When the Tennis & Yachy Club filed for bankruptcy, it reported assetds and liabilitiesbetween $1 million and $10 million. The club’es largest unsecured creditor last October was of Palmettokfor $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the The club issued taxable variable rate demand bonds for $6 millionb through Regions Bank in Septembet 2005 to help finance construction on a new clubhouse, whicn was completed in early 2008. The club issued a second bond in Marchb 2006for $1 million and a thirsd in April 2007 for $1.
8 Regions Bank provided letters of credit for according to court The Tennis & Yacht Club paid its principapl on the debt in October but its efforts to have Regionss Bank restructure the loan were unsuccessful, forcing the club into bankruptcy. Employees at the club are expectedd to remain on the payroll during the and scheduledactivities — including this weekend’ds Fourth of July event will continue as planned, Anthony said.
The Tennis Yacht Club was founded in 1986 and as of its bankruptcyu filing had450 members, according to court
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