yfimuna.wordpress.com
Judge Caryl E. Delano of the ’s Middle District of Florida, approved a plan Wednesday that wouldr turn over the Treasure Island Causeway clubto . Keys are expecter to be turned over by the end of the day The changing of hands was part of a revised reorganization plan filed in March by the Tennis Yacht Club following its Chapter11 “The court’s ruling today provides a mechanism for a distinct bank subsidiaryh to take total ownership of all club assetsd in a manner that is less expensive and least intrusivre to the operation” of the said John Anthony of , who representef Regions Bank in the bankruptcy, in a statement.
The takeoved will allow Regions Bank to market the 17 waterfront acres to potential Anthony said. When the Tennis & Yacht Club filedf for bankruptcy, it reported assets and liabilitiesbetween $1 milliobn and $10 million. The club’s largest unsecured creditofr last October was of Palmett ofor $13,502. However, the club owed Regions Bank as muchas $9.5 which owned the mortgage on the property. The club issuec taxable variable rate demand bondsfor $6 million throughj Regions Bank in September 2005 to help finance construction on a new which was completed in early 2008. The club issued a secondc bond in March 2006for $1 million and a thirsd in April 2007 for $1.
8 Regions Bank provided letterw of credit for both, according to courtt documents. The Tennis & Yacht Club paid its principall on the debt inOctoberr 2008, but its efforts to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employees at the club are expectedd to remain on the payroll duringbthe transition, and scheduled activities — including this weekend’s Fourth of July event — will continu as planned, Anthony said. The Tennis & Yachyt Club was founded in 1986 and as of its bankruptcy filing had450 members, according to courft documents.
ليست هناك تعليقات:
إرسال تعليق