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Trump Entertainment Resorts (NASDAQ: TRMP) has been squeaking out forbearance agreements with its lender for months to avoid bankruptcy, but that game could finally be coming to an end.
The Wall Street Journal reports (subscription required) that "Bondholders to Trump Entertainment Resorts are planning to force the real-estate mogul's Atlantic City casino group into involuntary Chapter 11 bankruptcy early in the coming week, say several people familiar with the matter."
Donald Trump and his daughter Ivanka are both resigning from the company's board in preparation for the move. Trump has apparently been dragging his feet with regard to the bankruptcy, acting like a petulant child being deprived of his favorite you. He is also threatening to sue people but that's pretty typical of The Donald, and I wouldn't expect anything to come of it. Remember the time he went around telling everyone he was going to sue Rosie O'Donnell?
Shares of Trump Entertainment Resorts closed at 23 cents on Friday, and the company's bankruptcy has widely been considered an inevitability for a long time.
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Reader Comments (Page 1 of 1)
2-14-2009 @ 4:56PM
Chris said...
I think it is about time. He would always just raise money by selling more equity in his company until it now finally is imploding.
I read an article back in December where it talked about him missing a 51 million dollar INTEREST payment! Geez.
http://www.gotoguy.com/2008/12/01/trump-skips-payment/