Trump casino files for Chapter 11

| 17/02/2009

(BBC): Trump Entertainment Resorts, the casino group founded by Donald Trump, has filed for bankruptcy protection in the face of multi-billion dollar debts. Also hit by falling revenues, the petition for Chapter 11 bankruptcy protection said the firm had debts of $1.7bn (£1.2bn) as of 31 December 2008. Trump Entertainment missed a $53m interest payment due on 1 December. Donald Trump announced his resignation from the firm’s board last week, due to disagreement with bondholders. Mr Trump said in a statement that he was leaving amid "internal turmoil" that was being "compounded by dramatically deteriorating revenues". Go to article

Print Friendly, PDF & Email

Category: Business

Comments are closed.