Morgan Stanley joins Trump bail out team
Troubled casino operator Trump Hotels & Casino Resorts (THCR) has appointed financial adviser Morgan Stanley as joint lead arranger to manage a multi-million dollar rescue package.
THCR secured the $500m (£271m) financing package last week (21 October) against the company’s assets in an attempt to restructure its debts.
The company aims to use some of the cash to improve its existing properties in Atlantic City, New Jersey, as well as possible expansion to additional markets.
Michael Petrick, managing director of Morgan Stanley’s leveraged finance arm, said: “This financing clearly positions THCR for growth and provides it with the opportunity to capitalise on an exceptional brand by reinvesting into and expanding its existing portfolio of assets.”
THCR owns and operates four properties, comprising of 451,280sq ft of gaming space and 3,180 hotel rooms.
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