Taj Mahal threatens to close unless union contract is broken
Bankruptcy Judge Kevin Gross was told by Icahn’s lawyers that Trump Entertainment needs the financial relief that breaking the union contract would provide. Along with saying that if the decision went against the company, the business could not survive and could close as soon as next week.
“If you don’t grant the … motion, it’s just not viable as a business,” Allan Brilliant, the lawyer for Icahn said. “Ultimately very quickly the casino will close. This is the window here; the window is open.”
Icahn, who owns the Taj Mahal’s US$ 286 million debt, would swap that debt for ownership of the casino, and invest US$ 100 million into it. But that investment is contingent on huge government aid from Atlantic City and the state.
Kris Hansen, a lawyer for Trump Entertainment said:“If you do grant it, we have a chance to stay alive,” Hansen said. “The cost structure of this casino doesn’t work, and it needs to be fixed. If we’re successful, employees get to keep their jobs, even though they made some concessions. Having a job is better than not having a job.”
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