The developer of the Chicago Spire has found a way out of its bankruptcy. Atlas Apartment Holdings LLC has agreed to finance $135 million toward its exit plan. Shelbourne North Water Street LP has been in Chapter 11 reorganization since 2008. Read more from Law360.com: The developer of the long-stalled Chicago Spire told an Illinois…
Mt. Gox is a struggling bitcoin company that has had to shutdown after filing for bankruptcy. Angry investors are suing Mt. Gox in Chicago courts. A Chicago-based law firm is representing Mt. Gox in its suits. Read more from The Chicago Tribune: The collapse caps a tumultuous few weeks in which the company has remained…
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Hostess filed for bankruptcy in 2012 and put many employees’ pensions across the country in jeopardy. Some of those employees work at one of Hostess’s bakeries in Illinois. Many of these bakeries around the nation are banding together to fight for their pension funds. Read more from ChicagoBusiness.com: Hostess, maker of Wonder Bread and Twinkies,…
People have been drawing comparisons between bankrupt Detroit and the financially struggling city of Chicago. A major independent agency, however, says that Chicago has the ability to handle its finances in a way that Detroit did not. A main concern in both cities is pensions Read more from The Chicago Tribune: National media, opinion-makers and…
Detroit is in the middle of the country’s largest municipal bankruptcy filing. It has $18 billion in debts and is looking at the city’s art collection for potential relief. There is a group that is working hard to keep Detroit from auctioning off its valuable masterpieces. Read more from USA Today: The city’s $18 billion…