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Trump forced to compete for bankrupt casinos

Friday, August 28, 2009
CAMDEN, New Jersey -- As reported by Bloomberg: "Donald Trump must compete with bondholders for control of the bankrupt casino company that bears his name, a judge ruled today.

"Trump Entertainment
  Resorts Inc.'s bondholders have the right to pursue their offer to invest $175 million in the casino operator, U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, decided today. That reorganization proposal can compete for creditor support and Wizmur's approval, the judge ruled.

"The bondholders, who are owed $1.25 billion, asked Wizmur to revoke the exclusive right of Trump Entertainment's managers to propose a reorganization plan.

"...Trump, who once owned 29 percent of the company, resigned from the board of Trump Entertainment before it filed for bankruptcy protection on Feb. 17. At the time of the filing, the Atlantic City, New Jersey-based company listed assets of $2.06 billion and debt of $1.74 billion as of Dec. 31..."
Trump Entertainment Resorts
725 Fifth Avenue
New York, NY 10022
Toll Free Phone: (877) DJTRUMP
Trump Entertainment Resorts, Inc. operates three properties including Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Together, the properties comprise approximately 371,300 square feet of gaming space and 3,180 hotel rooms and suites.
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