Trump resorts to keeping 10% of Trump Entertainment Resorts

By Daily Maverick Legacy 18 November 2009

Donald Trump, he of the hair and “The Apprentice” fame, has reached agreement with bondholders over the control of the unsurprisingly named Trump Entertainment Resorts. Trump and his daughter, Ivanka, filed for Chapter 11 bankruptcy protection (its third) in February, and has tried ever since to retain control of the company that was $1.7 billion in debt. But the creditors were having none of it. Trump will now control 10% of the re-organised company, with three Atlantic City casinos - Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino - continuing to use the Trump name. Read more: New York Times, Reuters

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