Apprentice TV Show star to gamble again
Entrepreneur Donald Trump's casino business is now expected to emerge from bankruptcy-court protection on May 12, says Scott Butera, the company's president and chief operating officer. Trump Entertainment Resorts Holdings had been expected to emerge from bankruptcy on May 4.
The company, run by Trump, the star of the hit TV reality series The Apprentice, will have a reduced debt load when it emerges from protection for a second time.
It will also have significantly less interest expense and $1.25 billion of new 8.25 per cent secured notes due 2015. Those bonds are not yet trading on a when-issued basis.
Formerly known as Trump Hotels & Casino Resorts, the Atlantic City, N.J.-based company was saddled with $1.8 billion in debt when it applied for protection from creditors last November.
The company owns three gaming properties in Atlantic City: Trump Taj Mahal, Trump Plaza and Trump Marina. It also owns the Trump Indiana riverboat in Gary, Ind.
U.S. Bankruptcy Judge Judith Wizmur of Camden, N.J., approved the reorganization in April, calling the plan to give bondholders majority control of the company fair and feasible.
The reorganized company is expected to move quickly to build a 1,300-room tower at Trump Taj Mahal and refurbish the aging Trump Plaza and Trump Marina casinos, which have gone without significant improvements in recent years.
They have paid the price for it, losing customers and cash to the Borgata Hotel Casino & Spa and other rivals.
In Atlantic City on Wednesday, New Jersey casino regulators signed off on the restructuring, saying Trump Hotels' changing fortunes would be good news for the city as well as the company.
"I am hopeful that once the company makes the kind of capital improvements that have been discussed, it will be in a much stronger position to help expand the market here, draw new visitors and create new attractions," said Linda Kassekert, chairwoman of the state Casino Control Commission. "I am hopeful the proposed improvements will not only allow the Trump properties to compete and thrive in Atlantic City, they will also allow Atlantic City to compete and thrive as gaming expands in neighboring states."
The company, run by Trump, the star of the hit TV reality series The Apprentice, will have a reduced debt load when it emerges from protection for a second time.
It will also have significantly less interest expense and $1.25 billion of new 8.25 per cent secured notes due 2015. Those bonds are not yet trading on a when-issued basis.
Formerly known as Trump Hotels & Casino Resorts, the Atlantic City, N.J.-based company was saddled with $1.8 billion in debt when it applied for protection from creditors last November.
The company owns three gaming properties in Atlantic City: Trump Taj Mahal, Trump Plaza and Trump Marina. It also owns the Trump Indiana riverboat in Gary, Ind.
U.S. Bankruptcy Judge Judith Wizmur of Camden, N.J., approved the reorganization in April, calling the plan to give bondholders majority control of the company fair and feasible.
The reorganized company is expected to move quickly to build a 1,300-room tower at Trump Taj Mahal and refurbish the aging Trump Plaza and Trump Marina casinos, which have gone without significant improvements in recent years.
They have paid the price for it, losing customers and cash to the Borgata Hotel Casino & Spa and other rivals.
In Atlantic City on Wednesday, New Jersey casino regulators signed off on the restructuring, saying Trump Hotels' changing fortunes would be good news for the city as well as the company.
"I am hopeful that once the company makes the kind of capital improvements that have been discussed, it will be in a much stronger position to help expand the market here, draw new visitors and create new attractions," said Linda Kassekert, chairwoman of the state Casino Control Commission. "I am hopeful the proposed improvements will not only allow the Trump properties to compete and thrive in Atlantic City, they will also allow Atlantic City to compete and thrive as gaming expands in neighboring states."
posted by kevin at 9:10 AM
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