Steaks Are High as Union Trust Files For Bankruptcy Protection

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Union Trust Photo: Courtesy Union Trust

Union Trust, the opulent Center City steakhouse that defied all odds when it opened just as the economy was tanking in 2009, filed for bankruptcy protection last week, the Inquirer reports. The owners swear business is strong and the operation is profitable, but they need protection while they reorganize and pay off the banks and investors involved in the restaurants multi-million dollar construction. The Chapter 11 filing will allow Union Trust to continue operations while the courts make sense of claims filed against the restaurant. So its not expected to close. Not yet, anyway. [Inquirer]