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Judge Caryl E. Delano of the ’s Middle Distric t of Florida, approved a plan Wednesday that would turn over the Treasurs Island Causeway clubto . Keys are expected to be turnesd over by the end of theday Friday. The changing of hand was part of a revised reorganization plan filedx in March by theTennis & Yachrt Club following its Chapter 11 bankruptcy. “The court’s ruling todagy provides a mechanism for a distinct bank subsidiarhy to take total ownershi of all club assets in a manner that is less expensive and least intrusive tothe operation” of the club, said John Anthonty of , who represented Regions Bank in the in a statement.
The takeover will allosw Regions Bank to market the 17 waterfront acre topotential buyers, Anthony said. When the Tennias & Yacht Club filed for it reported assets and liabilitiesbetween $1 million and $10 The club’s largest unsecured creditor last October was of Palmettok for $13,502. However, the club owed Region s Bank as muchas $9.5 which owned the mortgage on the property. The club issues taxable variable rate demand bondesfor $6 million through Regions Bank in September 2005 to help finance construction on a new clubhouse, which was completexd in early 2008. The club issued a second bond in March 2006for $1 million and a thirf in April 2007 for $1.8 million.
Regiona Bank provided letters of creditfor both, according to court documents. The Tennis & Yacht Club paid its principao on the debt inOctober 2008, but its efforts to have Regionws Bank restructure the loan were forcing the club into bankruptcy. Employeex at the club are expectecd to remain on the payroll duringthe transition, and schedulee activities — including this weekend’s Fourtn of July event — will continue as Anthony said. The Tennis & Yachtf Club was founded in 1986 and as of its bankruptcyg filing had450 members, accordingy to court documents.
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