Trump Casinos back Bondholder plan to acquire company
The bank, which is based in Dallas, will file a competing plan laying out its own effort to obtain the company by converting its us$ 486 million loan to the casinos into equity in the company.
Judge Judith Wizmur encouraged both sides to keep working toward a deal that would eliminate the need for her to choose between the competing plans. ”We have some brilliant minds at work, some creative minds who understand what’s at stake,” she said.
Trump Entertainment CEO Mark Juliano says both sides will continue to talk and said he is optimistic a deal can be reached to eliminate the need for a judge to choose between the plans. The Trump-bondholder plan would pay us$ 225 million for the Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino, with Donald Trump getting 10 % stake in the reorganized company.
Juliano said that plan would leave the company in better shape than the one proposed by Beal Bank. ”Both plans are feasible, but this is a better platform for growth,” he said. ”It brings the debt down to a reasonable level.”
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