SmarTrend(R) News Watch: Trump Entertainment Files for Chapter 11
Tue. February 17, 2009; Posted: 09:00 AM
Feb 17, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- Trump Entertainment Resorts Inc. (NASDAQ:TRMP), the Atlantic City casino group partly held by the real estate investor Donald Trump, filed for Chapter 11 Bankruptcy protection on Tuesday, court documents show. Late last night the company's board was scheduled to meet to decide whether to authorize the filing, the Wall Street Journal reported in its online edition. This move is the third bankruptcy-law filing by the company, which most recently emerged from bankruptcy proceedings in 2005. On December 1st the company missed a $53.1 million bond interest payment due to a drop in consumer discretionary spending hitting casino revenues. Donald Trump said last Friday that he has made a decision to resign from the board of directors due to disagreements with bondholders who wanted TRMP to file for bankruptcy. The bankruptcy covers nine of its affiliates including Trump Plaza Associates, Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates.
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