A Donald Trump-affiliated company formed to construct a luxury hotel and condominium complex in Philadelphia filed for bankruptcy late on Monday to prevent foreclosure by its lender, Reuters reported yesterday. VTE Philadelphia LP, an entity that holds the vacant land on the Delaware River slated to become Trump Tower PA, filed for chapter 11 protection. Its sole secured creditor, US Bank, had previously received permission from a Pennsylvania state court to foreclose, and a sheriff's sale had been scheduled for Tuesday morning. VTE said that it filed for bankruptcy to avert the auction and find investors to salvage the project.
