Trump Entertainment Emerges from Bankruptcy

News sources claim that Trump Entertainment has moved one step close to emerging from Chapter 11 bankruptcy following approval from the New Jersey Casino Control Commission.  Trump Entertainment operates three casinos in Atlantic City.

This week, the Commission approved the company's reorganization plans.  A group of bondholders, led by Avenue Capital Management, is set to take control of Trump Marina, Trump Taj Mahal Casino Resort and Trump Plaza Hotel Casino.

In an interview with the Associate Press, Donald Trump said that he was delighted with the Commission's decision, which ended a challenge from billionaire investor Carl Icahn.  He said it was a great victory and proclaimed, "We are going to make this very successful. We're really positioned to do something special. We got rid of so much debt and we have the best brand in town, by far."

Under the reorganization, $225 million of new equity is expected to be injected into the company, which will ensure benefits from improved liquidity and capital resource.

The Malaise Law Firm helps companies who are filing for Chapter 11 in San Antonio.  Contact us to speak with a San Antonio bankruptcy attorney.