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What Happened: Wracked by COVID-19 financial struggles, a restaurant filed for Chapter 11 bankruptcy while continuing to operate its restaurant in Chicago’s prestigious Magnificent Mile District as a debtor-in-possession with hopes of assuming the lease after being discharged. But having entered into a series of forbearance agreements and still being owed about $1.3 million in rent, the landlord had serious misgivings about the tenant’s post-bankruptcy prospects and wanted the property back.
