Bad Pipes Are the Least of Union Trust’s Troubles

Could complete liquidation be next?
Could complete liquidation be next? Photo: Visit Philly

It’s becoming increasingly apparent that there’s no hope for beleaguered — not to mention padlocked — Union Trust turning back the tide on the deluge of debt that’s put the multimillion dollar steakhouse under water. Foobooz today reports that the future of the restaurant and its assets now rests in the hands of the federal government, which has put forth a motion to dismiss its current state of Chapter 11 bankruptcy. Whether that protection from its creditors will be removed, or shifted to Chapter 7, and complete liquidation remains to be seen. A hearing to determine that is scheduled for January. One thing is for certain though, it will never serve another grossly marked-up dry-aged beef rib-eye. [Foobooz]

Earlier: ‘Plumbing’ Sinks Union Trust