International edition
September 28, 2020

Its CEO said that the plan would leave the firm in better shape

Trump Casinos back Bondholder plan to acquire company

(US).- Trump Entertainment Resorts backed a plan to let bondholders buy the company's three Atlantic City casinos out of bankruptcy and give Donald Trump a minority share. But after weeks of talks, the bondholders and Trump still could not reach an agreement with Dallas-based Beal Bank.

T

he 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.”

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook