Glenellyn Illinois Restaurants
Groves is still processing the news that staff will have to be laid off again, but Quigley doesn't expect the restaurant or bar to employ Furlough staff again. Cole is confident that staff will not be "furrowed" again until Parker reopens the restaurant in-house. He said he and his staff at Parker's had been discussing the news for several weeks, with staff sometimes talking about the possibility of further restrictions.
The fact that we really need people to come and sit in the restaurant will affect us as employees. He added that while the increasing incidence of food safety problems in restaurants and bars in the area is a reason to be more restrictive, and not every other business or retail location attracts large crowds, "it is problematic because it is up to us to use it, not other shops and retail locations" that also attract large crowds, he added.
Quigley said the impact on restaurants and bars is particularly worrisome because the federal aid package is designed to help protect businesses during the winter months. He said that nearly every company he knows, including bars and restaurants, has exhausted the funds they have received from the Paycheck Protection Program since the law passed in March.
The Better Housing Foundation owed the portfolio $60 million and the property was sold to repay investors who owned the bonds. But the proceeds of the sale fell far short of bondholders "debt, so they were bailed out by bondholders. BJB has repaid only $42.2 million over the past two years, meaning that investors who have owned bonds in the portfolio since it was issued in 2017 face heavy losses.
The amount of bonds that the Better Housing Foundation defaulted on was revised to $170 million, not $170 billion. The interest rate, which is 8% or higher at the end of 14 days, has been tightened.
The new restrictions are a blow to restaurants in Downers Grove and DuPage County, according to a report by the Chicago Tribune. Kinzie owns the property and plans to sell it to the Better Housing Foundation for $18.6 million in 2018, according to New York-based research firm Real Capital Analytics. A restaurant in Chicago's South Loop, where a McDonald's used to be, now a strip mall, is going the same way.
The company owns thousands of apartments in the Chicago area and has a portfolio of more than 2,000 units in Chicago, DuPage and Cook counties. The Better Housing Foundation is now using the bankruptcy auction process to line the pockets of its bondholders in its upcoming sale to BJB. The nonprofit defaulted on bonds it used to finance its purchase of the homes, but trumped the so-called "stalking horse bidder" to reduce the losses that many bondholders would have incurred.