Trump casino group in bankruptcy
Trump Entertainment seeks Chapter 11 court protection. Developer and daughter quit board on Friday.
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.