Trump project files for Chapter 11 relief

VTE Philadelphia LP, a Donald Trump affiliated company, filed for relief under Chapter 11 this week to avoid a foreclosure sale by one of its creditors.  The company, based in Philadelphia, is constructing a luxury hotel and condominiums.  VTE owns land along the Delaware River that was supposed to become Trump Tower PA.  US Bank, the creditor foreclosing on VTE, is the only secured creditor.  VTE hopes to find investors so it can complete the building project.

For more read, “Trump Tower project in Philly files Chapter 11.”