iqukikofor.wordpress.com
Judge Caryl E. Delano of the ’sd Middle District of Florida, approved a plan Wednesdat that would turn over the Treasure Island Causeway clubto . Keys are expectesd to be turned over by the end of the day The changing of hands was part of a revisedx reorganization plan filed in March by theTennisz & Yacht Club following its Chapter 11 bankruptcy. “The court’sw ruling today provides a mechanisn for a distinct bank subsidiary to take total ownership of all club assets in a mannert thatis faster, less expensive and leastr intrusive to the operation” of the club, said John Anthonty of , who represented Regions Bank in the in a statement.
The takeover will allow Regions Bank to market the 17 waterfront acres topotential buyers, Anthonhy said. When the Tennis & Yacht Club filedr for bankruptcy, it reporte d assets and liabilitiesbetweejn $1 million and $10 The club’s largest unsecured creditor last October was of Palmetto for $13,502. However, the club owed Regionsx Bank as muchas $9.5 million, which ownedc the mortgage on the property. The club issued taxablwe variable rate demand bondsfor $6 million through Regions Bank in Septembert 2005 to help finance construction on a new which was completed in early 2008. The club issuecd a second bond in March 2006for $1 million and a third in April 2007 for $1.8 million.
Regionsd Bank provided letters of credit for according tocourt documents. The Tennis & Yachtg Club paid its principal on the debt in October but its efforts to have Regions Bank restructure the loan were forcing the club into Employees at the club are expected to remain on the payroll duringthe transition, and schedulee activities — including this weekend’sa Fourth of July event — will continue as planned, Anthony said.
The Tennis & Yachg Club was founded in 1986 and as of its bankruptc filing had450 members, according to court
ليست هناك تعليقات:
إرسال تعليق