Panacea Partners, the operator of the popular Streeterville restaurant De La Costa, filed for Chapter 11 bankruptcy protection on Monday, according to Crain's Chicago Business. The embattled Nuevo Latino restaurant's co-owner, Jason Hyatt, is also facing investor fraud accusations by the Securities and Exchange Commission for allegedly misappropriating at least $5.4 million in investor funds earmarked to invest in a future business venture.
Located at 465 East Illinois Street, De La Costa opened in September 2006 and received much attention for its over-the-top decor and menu by Douglas Rodriguez, a James Beard award-winning chef. The restaurant will stay open during the bankruptcy reorganization process, according to the bankruptcy lawyer on the case.
Correction: This story has been updated to acknowledge that De La Costa is a tenant of 465 East Illinois Street. The River East Art Center is a tenant in the same building.
Located at 465 East Illinois Street, De La Costa opened in September 2006 and received much attention for its over-the-top decor and menu by Douglas Rodriguez, a James Beard award-winning chef. The restaurant will stay open during the bankruptcy reorganization process, according to the bankruptcy lawyer on the case.
Correction: This story has been updated to acknowledge that De La Costa is a tenant of 465 East Illinois Street. The River East Art Center is a tenant in the same building.
