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

trumpentertainment.mkw.gif

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

Features
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
Best places to retire abroad in 2017 The top 10 places to retire overseas include beautiful beaches, cozy towns, and the best food you will ever eat -- all for half the cost of what you may pay in the U.S. More
Best business class airline lounges around the world Between August 2015 and May 2016, Skytrax surveyed over 19.2 million customers to find the best airline lounges. Here is what they found. More
What Boeing's new 737 Max 9 has under the hood Boeing unveiled its new, longer 737 Max 9 airliner earlier this month, the second member of the updated single-aisle jet family. The first aircraft will deliver to airlines starting in 2018. More
Sponsors