Chicago Spire Developer Heads Into Ch. 11 In Ill.

Law360, Chicago (November 8, 2013, 7:29 PM EST) -- The developer of the aborted Chicago Spire condominium tower — which was to be the tallest building in the Western Hemisphere — has reached a deal with disgruntled creditors to enter bankruptcy in Illinois, according to court documents filed Friday.

Last month, Shelbourne North Water Street LP, the developer owned by Irish real estate magnate Garrett Kelleher, was hit with an involuntary bankruptcy petition in Delaware by creditors led by The Related Cos. LP, which recently acquired the delinquent $69.5 million mortgage on the property. Shelbourne,...
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