Pursuits
Trump Casino Plan Calls for Union Concessions: Bankruptcy
This article is for subscribers only.
Trump Entertainment Resorts Inc., the Atlantic City, New Jersey, casino operator, said it will soon file a reorganization plan for secured lenders to convert some of their $286 million in old debt into equity and new debt not requiring cash interest payments.
Assuming everyone else is on board, the lenders will provide $100 million in new capital, the casino operator said. First-lien lenders, including Icahn Partners LP and affiliated funds, were owed approximately $285.6 million plus $6.6 million in interest when the Chapter 11 reorganization began this month.