EpiCentre emerges from bankruptcy protection after its owners put the EpiCentre into Chapter 11 to avoid foreclosure; is now owned by an investor group, Blue Air 2010, the project’s trustee, Elaine Rudisill, is continuing to look into how the EpiCentre spent its money and may seek to recover assets.
The popular complex at College and Trade streets is now owned by an investor group, Blue Air 2010, which bought the project’s troubled loan. The developers who conceived of the mixed-use project, Afshin Ghazi and George Cornelson III, are out of the EpiCentre and no longer have any connections or business with the project.
The project’s movie theater, Mez restaurant and Kazba nightclub will remain open and operating as usual, according to the bankruptcy trustee that has been overseeing the project. The project’s unsecured creditors are set to have their claims paid in full, a big improvement over the 10 cents on the dollar originally proposed.
“All the fighting paid off,” said attorney Dennis O’Dea, who had fought on behalf of the unsecured creditors committee before the committee was disbanded late last year. “I’m so pleased… continue reading
Looking for bankruptcy lawyer Chicago? Contact us today for more information.