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***GambLux EDITOR NEWS*** |
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Another Debt Restructuring Extension for Trump Casino
[Monday, February 16, 2009]
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Trump Entertainment is doing everything to save their three Atlantic City casinos. Using stall tactics is one thing they have learned from Donald Trump himself.
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The company received on Wednesday another extension to negotiate with bondholders on a debt restructuring. The grace period ran out on the 31st of December 2008. There have been three extensions since then, a 21-day extension, a 14-day extension, and a 7-day extension. This is the fourth time that an extension has been granted.
Mark Juliano, Chief Executive Officer of Trump Entertainment, said that there is a restructuring plan the company and the bondholders hope to agree to, but they are not there yet.
Every time a deadline is approaching, Trump Entertainment and the bondholders, who have been negotiating for several months, say they are getting closer to an agreement. Nothing, however, happens until the next deadline. Avoiding bankruptcy is the company's goal, but this does not look likely. Any deal made with bondholders that comes with some form of bankruptcy protection is a strong possibility.
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