DISTRESSED DAILY: Covid’s Impact at Ex-Syms Project (Correct)

The coronavirus pandemic is posing problems for former retailer Syms Corp. in its second life as a real-estate developer.

Trinity PlaceHoldings Inc. is the publicly traded property company that emerged from the 2011 bankruptcy of the off-brand retailer known for the slogan, “An educated consumer is our best customer.”

The company owns the leftover real estate and intellectual property assets from Syms, the largest being an under-construction, 90-unit condo tower in downtown Manhattan. But with Covid-19 restrictions in place for the past few months, Trinity has run into trouble completing construction on time and keeping up with loan covenants. ...