Company Planning Trump Tower in Philly Files Ch. 11

Law360, New York (January 8, 2013, 8:11 PM EST) -- A real estate company planning to build a Donald Trump-branded skyscraper in Philadelphia filed for Chapter 11 in New York federal bankruptcy court on Monday after its lender foreclosed on the property and scheduled an auction.

VTE Philadelphia LP said it owed its creditor U.S. Bank NA at least $16.8 million after the poor real estate market stifled its attempts to build the 47-story Trump Tower Philadelphia along the Delaware River.

"Due to the collapse of the real estate market in the Philadelphia area the debtor...
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