Trump Hotels & Casino group files for bankruptcy
On 21 November, Trump Hotels & Casino Resorts has filed a voluntary petition for Chapter 11 in a New Jersey bankruptcy court.
Donald Trump will remain as chair and chief executive of the company, but his stake will be cut from 55 per cent to 27 per cent.
Under the deal’s terms, bondholders will exchange their debt for $74m (£39m, E57m) cash, $295m (£159m, E226m) in shares and $1.25bn (£672m, E958m) in new publicly traded debt.
The bankruptcy file for Trump’s flagship casino business is part of an ongoing financial restructuring of the company, intended to reduce the $1.8bn (£1m, E1.4m) debt.
It is the second time that Trump casinos have filed for bankruptcy. Details: www.trump.com
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