Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Trump casino group in bankruptcy

Trump Entertainment seeks Chapter 11 court protection. Developer and daughter quit board on Friday.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Catherine Clifford, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- Trump Entertainment Resorts, the casino operating group, filed for Chapter 11 bankruptcy protection, according to court documents filed Tuesday in Camden, N.J.

Real estate mogul Donald Trump said Friday he was quitting his position as chairman of Trump Entertainment Resorts on Friday, according to the Trump Organization. Trump's daughter, Ivanka, also said she was quitting the board on Friday.

Also Tuesday, nine companies associated with Trump Entertainment filed for bankruptcy protection, including Trump Taj Mahal Associates, Trump Marina Associates, and Trump Plaza Associates.

As of Dec. 31, Trump Entertainment and the affiliated companies had total assets of $2.06 billion and total debts of $1.74 billion, according to the court papers.

Trump Entertainment Resorts (TRMP) owns and operates three casinos in Atlantic City, N.J. The Trump Taj Mahal Casino and Trump Plaza Hotel and Casino are located on the Atlantic City boardwalk and Trump Marina Hotel Casino is located in the Marina District.

The Trump Entertainment board met Monday to make the final decision to file for bankruptcy, the court papers indicate.

The company announced at the end of November that it would not be making a $53.1 million interest payment on bond holdings due Dec. 1, according to a press release. Trump Entertainment had a 30 day grace period to come up with the cash.

Shares of the company have tumbled from over $4 a share a year ago to close at 23 cents a share Friday.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The best Black Friday deals of 2015 This year's best Black Friday deals include some Apple products and a free Samsung smartphone. More
Delahaye - Behind the wheel of a French masterpiece This 1951 Delahaye represents the end of an era in gorgeous French car design. More
Slingshot is a three-wheeled thrill ride The Polaris Slingshot drives like a car with the excitement of a motorcycle. More