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The dice against Trump
By Beth Jinks |
February 18, 2009, Wednesday
|
Print Edition
Print Edition
TRUMP Entertainment Resorts Inc, the casino company, filed for bankruptcy after annual gambling revenue in Atlantic City, New Jersey, plunged the most on record.
The petition for Chapter 11 bankruptcy, filed four years after its predecessor company failed, listed less than US$50 million in assets and less than US$500 million in debt, according to a petition filed yesterday in United States Bankruptcy Court in Camden, New Jersey.
Nine affiliates including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection. An exhibit attached to the petition said that the companies had consolidated assets of US$2.1 billion and debt of US$1.7 billion as of December 31.
Trump Entertainment "has had a myriad of strategic issues to contend with over the last several years, and the current recession has certainly amplified those very same issues," Jonathan Galaviz of consultant company Globalysis Ltd, said in an e-mail yesterday.
Trump Entertainment, the owner of three casinos in Atlantic City that already have been through bankruptcy twice, missed a US$53-million interest payment at the start of December, and a creditor-extended grace period to make the defaulted coupon payment expired yesterday, Bloomberg News said.
Trump quit the company's board on Friday, saying he disagreed with bondholders' decisions. He said that bondholders turned down an offer he made to purchase the company.
The 20 largest consolidated creditors without collateral backing their claims are owed about US$1.32 billion, court papers show. US Bank NA, as agent for note holders, is listed as the largest unsecured creditor with a claim of US$1.31 billion.
The petition for Chapter 11 bankruptcy, filed four years after its predecessor company failed, listed less than US$50 million in assets and less than US$500 million in debt, according to a petition filed yesterday in United States Bankruptcy Court in Camden, New Jersey.
Nine affiliates including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection. An exhibit attached to the petition said that the companies had consolidated assets of US$2.1 billion and debt of US$1.7 billion as of December 31.
Trump Entertainment "has had a myriad of strategic issues to contend with over the last several years, and the current recession has certainly amplified those very same issues," Jonathan Galaviz of consultant company Globalysis Ltd, said in an e-mail yesterday.
Trump Entertainment, the owner of three casinos in Atlantic City that already have been through bankruptcy twice, missed a US$53-million interest payment at the start of December, and a creditor-extended grace period to make the defaulted coupon payment expired yesterday, Bloomberg News said.
Trump quit the company's board on Friday, saying he disagreed with bondholders' decisions. He said that bondholders turned down an offer he made to purchase the company.
The 20 largest consolidated creditors without collateral backing their claims are owed about US$1.32 billion, court papers show. US Bank NA, as agent for note holders, is listed as the largest unsecured creditor with a claim of US$1.31 billion.
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