bankruptcy

Union Trust Appears to Be Down For the Count

Union Trust

Union TrustPhoto: Visit Philly

Save for a Christmas, Hanukkah or Kwanzaa miracle, there appears to be nothing that will keep shuttered and under water Union Trust from surfacing from beneath its fathoms of debt. A rep for the financially troubled restaurant filed a motion in U.S. Bankruptcy Court yesterday to dismiss a request to borrow money, the Insider reports. That means that a hearing scheduled for January 8 could see the sunken steakhouse’s Chapter 11 bankruptcy converted to Chapter 7, which means complete liquidation of its assets could be in order. And that’s only the half of it.

Seems that Union Trust’s historically certified bricks came with tax credits, which its premature closing voids. The federal government could possibly press the building’s sellers Sherwin Williams Co. to make good on those tax breaks. And Sherwin Williams Co. could conceivably try to recoup those loses from Union Trust owner, Joe Grasso, who’s navigating his own troubled financial waters with personal bankruptcy.

Union Trust seems to be finished [Insider]
Earlier: Bad Pipes Are the Least of Union Trust’s Troubles

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