Chicago Spire developer Garrett Kelleher is free to pursue other financial backers to try and get his company out of bankruptcy and potentially restart the project.
U.S. Bankruptcy Court Judge Janet Baer on Wednesday approved a request made by Kelleher’s Shelbourne North Water Street L.P., last week that he be allowed to talk to potential investors other than Atlas Apartment Holdings LLC.
Earlier this year, Baer approved a financing plan that called for Atlas to, either through its own funds or via others, come up with $135 million to pay off creditor claims and take over majority ownership of the site at 400 N. Lake Shore Drive.
In a court filing asking for permission to talk with other potential financial partners, and Shelbourne said there had been expressions of interest, the company said it and Atlas had encountered “certain delays” in advancing that plan during the past five months.
After the hearing, Kelleher declined to comment on reason for his request and the search for capital.
“I’m just trying to get the Spire built,” he said.
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