Trump Casinos off bankruptcy

Donald Trump's cash-strapped casino empire played its cards right and received court permission today to emerge from bankruptcy.

Trump Hotels & Casino Resorts, which operates three casinos in Atlantic City and a riverboat casino in Gary, Ind., filed for Chapter 11 in November because of a crushing $1.8 billion in debt.

Trump also scuttled plans for a casino near French Lick, Ind., after filing bankruptcy, and state gaming officials decided to seek a new round of bids on the contract.

U.S. Bankruptcy Judge Judith Wizmur signed off on the company's reorganization, under which the star of TV's "The Apprentice" will surrender majority control.

But Trump will remain the largest single shareholder and will retain the titles of chairman and chief executive officer in a new company called Trump Entertainment Resorts.

The company is expected to save an estimated $98 million annually in interest payments because of the restructuring.

In 1992, Trump Taj Mahal, Trump Castle and Trump Plaza ended up in Chapter 11, burdened by more than $1 billion in debt and hurt by the 1990-91 recession.

Related Links:
http://www.online-casino-blog.com/2005/03/trump-hotels-creditors-agree-to.html
http://www.online-casino-blog.com/2005/03/trump-casinos-renovated-to-overcome.html