Union Trust files for bankruptcy protection

Union Trust, 717 Chestnut St. The posh Union Trust steakhouse, which opened at 717 Chestnut St. in early 2009 amid the Center City steakhouse boom, filed for bankruptcy protection Thursday, March 31.
(The news was first reported on Foobooz.com.) The steakhouse company’s two current officers — Joe Grasso and Garrett Miller, both founders — told me that the business will remain open.
In an interview, Grasso and Miller said Union Trust is stronger than it has ever been, that financial controls have finally made it profitable, and that the filing was intended to “bring order to a chaotic situation.” In other words, to ask U.S.
Bankruptcy Court to arrange what they call a “fair” repayment schedule for banks, investors, and companies involved in the construction and to “take the emotion o…

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