Chicago Spire Developer Gets $135M For Bankruptcy Exit Plan

Law360, New York (February 7, 2014, 7:38 PM EST) -- The developer of the long-stalled Chicago Spire told an Illinois bankruptcy court Thursday that it has snagged up to $135 million from Atlas Apartment Holdings LLC to finance a plan to pay off debts, exit bankruptcy and potentially restart construction on the ambitious project.

Shelbourne North Water Street LP, the developer owned by Irish real estate magnate Garrett Kelleher, said in a motion seeking court approval for the deal that Atlas, the Chicago-based residential development and management company, will front up to $135 million in bankruptcy...
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