Donald Trump is seeking to distance himself from Trump Entertainment Resorts, the casino company he founded, after it filed for bankruptcy protection for the second time in four years. The television star and property mogul continues to own a stake of about 28 per cent in the debt-laden group but resigned from the board last week following a dispute with the company's bondholders.
(Bloomberg) - Trump Entertainment Resorts Inc. filed for bankruptcy protection overnight before the casino operator’s bondholders could present an involuntary petition. The Chapter 11 petition, filed days after founder Donald Trump quit the board, listed assets of USD 2.06 billion and debt of USD 1.74 billion as of Dec. 31, according to the filing today in U.S. Bankruptcy Court in Camden, New Jersey. This is the third time Trump’s casinos have sought protection from creditors.
Trump Entertainment Resorts Inc. and its bondholders agreed to a weeklong extension of their negotiations on a USD 1.25 billion debt restructuring to save the company from another trip through bankruptcy. “Talks are continuing. As long as everyone keeps talking, that’s considered progress,” said Mark Juliano, Trump Entertainment chief executive officer. “We’re still hopeful an amicable resolution is in store.”
Atlantic City, New Jersey (AP) - Donald Trump's casino company has two more weeks to perfect the art of the new deal with its investors. Otherwise, the debt-laden casino empire could be headed for a third spin through bankruptcy court. Mark Juliano, chief executive of Trump Entertainment Resorts, said the company reached an agreement with its bond holders Wednesday to extend the deadline on restructuring USD 1.25 billion worth of debt through Feb. 4.
Trump Entertainment Resorts, the casino operator, said on Wednesday it won more time from its lenders to negotiate or make interest payments on its debt. The company has obtained a forbearance agreement from the holders of about 70 percent of the value of 8.5 percent senior secured notes due 2015, on which the company missed interest payments in December. It also announced a forbearance agreement from lenders under the company’s USD 490 million senior secured term loan.
Chicago (MarketWatch) -- Facing tough competition and sliding revenue amid the economic meltdown, Trump Entertainment Resorts will have to skip a USD 53.1 million interest payment scheduled for Monday on its 8.5% senior secured notes due 2015 in order to maintain sufficient liquidity. The Atlantic City, N.J., casino operator, with about USD 1.25 billion worth of the notes outstanding...
New York (AP) -- Shares of Trump Entertainment Resorts Inc. continued to drop on Tuesday after the New Jersey Casino Control Commission reported that Atlantic City gambling revenue dropped 10 percent in October. Trump shares fell 6 cents, or 11.1 percent, to close at 48 cents Tuesday, after touching an all-time low of 47 cents earlier in the session. The stock has traded between 50 cents and USD 6.65 during the past 52 weeks. Since the beginning of the year, Trump shares have lost 87 percent of their value.
