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November 22, 2004

Trump's casino operations file for bankruptcy

Donald Trump’s casino operations filed for Chapter 11 bankruptcy yesterday with the U.S. Bankruptcy Court for the District of New Jersey. 

Trump Atlantic City Associates listed $1.3 billion in debt and $1.5 million in assets. A major cause of the bankruptcy was competition from newer casinos such as the Borgata Hotel Casino & Spa. The Chapter 11 restructuring will allow Trump to maintain his position as chairman and CEO, but his stake in the company will be reduced from 56 percent to 27 percent. 

Under a restructuring agreement reached last month Morgan Stanley will provide a $500 million line of credit for the upgrade of the casinos and Beal Bank will provide $100 million in interim financing. 

Posted by Mandy Gibbs at 09:47 AM in Bankruptcy & Debtor/Creditor | Permalink

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