Related Rebuffs Chicago Spire Developer's Bankruptcy Plan

Law360, New York (February 18, 2014, 3:50 PM EST) -- An affiliate of The Related Cos. LP on Monday stated its opposition to the bankruptcy plan laid out this month by the developer of the long-stalled Chicago Spire, telling an Illinois judge that the plan is economically unfavorable since Related has offered a better alternative.

The developer, Shelbourne North Water Street LP, told the bankruptcy court on Feb. 6 that it had secured up to $135 million from Atlas Apartment Holdings LLC to finance a plan to pay off its debts and exit bankruptcy while potentially...
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