Trump Hotels to File for Chapter 11
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Donald Trump’s Trump Hotels & Casino Resorts Inc. said it would enter Chapter 11 bankruptcy protection by the end of September to trim its debt by about $544 million as part of an agreement with bondholders.
Chairman Donald Trump and Credit Suisse First Boston will jointly invest $400 million in the company under the plan, which some bondholders have agreed to. As part of the agreement, Trump would own about 25% of Trump Hotels & Casino Resorts, the company said.
Auditor Ernst & Young this year raised doubts about the company’s ability to survive. Trump Hotels, which has lost money for eight years, also owns the Trump Plaza in Atlantic City, N.J., and a riverboat casino in Indiana, and manages an American Indian casino in California.
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