Trump Resorts files third bankruptcy
NEW YORK ” Donald Trump’s former casino company has filed for bankruptcy ” for a third time.
Trump Entertainment Resorts Inc., based in Atlantic City, N.J., filed for Chapter 11 protection on Tuesday in the U.S. Bankruptcy Court in New Jersey. Tuesday was the company’s deadline to reach a new deal with bondholders to restructure $1.25 billion in debt.
Donald Trump and his daughter Ivanka resigned from the company’s board Friday night, after growing frustrated with bondholders. He said the bondholders had rejected his offer to buy the company and that he would consider legal action to remove his name from its three casinos in Atlantic City.
Talks already had been extended four times to try to reach a deal to give the company some financial breathing room.
The company has $1.74 billion in total debt and $2.06 billion in assets, according to the court filing.
The casino company owns three Atlantic City casinos but is in the process of selling the Trump Marina Hotel Casino. Its two other properties are the Trump Taj Mahal Casino Resort, and the Trump Plaza Hotel and Casino.
Its predecessor company, Trump Hotels & Casino Resorts Inc., went through a 2005 restructuring. That followed an earlier bankruptcy in the 1990s.
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