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Developer files for bankruptcy protection the day before the auction of the Chicago property

Symmetry Property Development filed for Chapter 11 bankruptcy protection the day before the scheduled auction of their embattled property. Chinese investors gave $50 million for a proposed 60-storey tower, but the project never broke ground due to municipal opposition. Lenders filed a foreclosure suit in 2019, claiming default on over $22 million in debt. A settlement agreement in 2020 proposed to repay investors, but the repayment never happened. The investors’ lawyer Doug Litowitz calls the filing by the developers “an abuse of the bankruptcy laws to block a legitimate foreclosure.” 

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