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***GambLux EDITOR NEWS*** |
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Trump Entertainment Gets 2 Weeks Extension
[Sunday, January 25, 2009]
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Yesterday, Trump Entertainment Resorts was able to get an extension for 2 weeks to continue its discussions with bondholders and lenders as the casino company struggles to desist from bankruptcy. Mark Juliano, CEO of Trump Entertainment Resorts said that they are glad that the company is continuing its discussions with investors. The company still has 2 more weeks to make more progress.
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The extension gives the struggling casino company an additional time to avoid its fourth such trip to Bankruptcy Court. Trump Entertainment put its casinos up for sale two years ago in order to raise funds but two attempts to takeover the company failed. The Coastal Development of New York agreed to buy the Trump Marina for 270 million USD last year and the sale is expected to close in May.
Last December, the company missed a 53.1 million USD payment to its bondholders. As allowed under its lending agreement, the Trump Entertainment got an extension until yesterday to make good on the payment and it also entered into discussions to restructure a debt of 1.25 billion USD. Yesterday, the casino company submitted a filing of an extension with the Securities and Exchange Commission (SEC). Juliano said that they will agree to extend the deadline if February 4 comes and the company continues to make more progress. Trump Entertainment owns 3 casinos in Atlantic City: Trump Plaza, Trump Marina and Trump Taj Mahal
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