Not even Donald Trump can escape the economic crisis. His Trump casino group, Trump Entertainment is seeking Chapter 11 bankruptcy protection from its creditors. Now word has it that his daughter and a developer will be quitting the Board of Directors this Friday.
Trump Entertainment Resorts, according to documents filed in a Camden, N.J. court today filed for Chapter 11 bankruptcy protection. And this according to the Trump Organization, Donald Trump last week announced he was quitting as the chairman of the financially troubled entertainment group.
There are nine companies associated with Trump Entertainment, they too have been affected by the petition for bankruptcy protection. These include: Trump Taj Mahal Associates, Trump Marina Associates and Trump Plaza Associates. Trump Entertainment just barely had enough to cover debts at the end of the December, according to financial documents filed today.
Perhaps you've visited one of Trump Entertainment Resorts three casinos in Atlantic City, N.J. -- the Trump Taj Mahal Casino as well as Trump Plaza Hotel and Casino are right on the boardwalk in the Marina District. A decision was made by the board on Monday to file for bankruptcy.
At the end of 2008 Trump Entertainment Resorts had $2.06 billion in assets and $1.74 billion in debt. Trump Entertainment also issued a press release in November that stated it would not be able to make a $53.1 million interest payment on bond holdings that was due December 1. The 30-day grace period for Trump Entertainment to come up with the payment expired after 30 days.
The bottom has already fallen out of Trump Entertainment shares. A year ago shares went for $4; now you can grab a share of Trump Entertainment for 15 cents (as of this morning.)
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