Bankruptcy has freed the developer of an Illinois multifamily housing project from a high-interest mortgage, and the guarantor for the municipal bonds issued to finance the loan apparently has no complaint.

Clover Creek Associates, the limited partnership builders of Clover Creek apartments in Lombard. Ill., filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in March. Since then, no mortgage payments have been made to the trustee.

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