Bistro Margot faces foreclosure

The recession continues to dish out challenges for local restaurants, as a French bistro in Old Town faces foreclosure and two small Asian eateries in the Randolph Street restaurant district have filed for Chapter 11 bankruptcy protection.

On the Near North Side, Bistrot Margot at 1437 N. Wells St. owes about $1.5 million on five past-due loans, according to a complaint filed by Associated Bank on Sept. 29 in Cook County Circuit Court.

Meanwhile, on the Near West Side, Izumi Sushi, a sushi and sake bar, and Jim Ching's, a sister restaurant that specializes in Chinese takeout, filed for protection from creditors, with each venture listing assets of $1 million or less against debts of $10 million or less, according to petitions filed Nov. 30 in U.S. Bankruptcy Court in Chicago.