News
Donald Trump Back in Bankruptcy Court as Trump Entertainment Resorts, Inc. Files Chapter 11
For
the third time Trump Entertainment Resorts, Inc. has filed for bankruptcy as the
firm entered Chapter 11 filings in U.S. Bankruptcy Court in Camden, New Jersey
on Tuesday.
According
to court documents the firm, which operates the Trump Taj Mahal Casino Resort
and Trump Plaza Hotel & Casino on Atlantic City's Boardwalk, and the Trump
Marina Hotel Casino in Atlantic City's Marina District, listed less than $50
million in assets while claiming more than $500 million in debt.
The
decision to file for Chapter 11 bankruptcy was made by the Trump Entertainment
Resorts, Inc. board late Monday night after bondholders threatened to force the
firm into bankruptcy had it not done so on their own.
Trump
resigned s chairman of the board on Friday evening, expressing disagreement
with the actions of creditors. The real estate mogul released a statement
concerning the demise of Trump Entertainment Resorts, Inc. saying, “Now I will
study and watch as the horrible and outrageous fees being paid to lawyers and
consultants will suck the blood from the company. ... These are very tough
times in Atlantic City. Almost every company is in serious financial trouble.
Despite this, I will be watching closely and at some point in the future, I
hope to return.”
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