If Donald Trump files for bankruptcy, it certainly won't be the first time. For Trump Entertainment Resorts (NASDAQ: TRMP), the Donald has a deadline of today to renegotiated a $1.25 billion debt.

What's the big deal? It turns out that Trump Entertainment -- which owns the Trump Taj Mahal, Trump Plaza and Trump Marina in Atlantic City, missed a $53.1 million bond payment on December 1, and got a 30-day extension. The holders of 70% of Trump Entertainment's outstanding senior secured notes due in 2015 agreed to wait until today to exercise their rights related to the missed bond payment. And today is the day for coming to terms on another loan as well. The lenders involved in a $490 million loan agreement also agreed to wait until today to exercise their rights.

If Trump Entertainment files for bankruptcy today, it will only be the fourth time it's done so since 1991. The weak economy is not helping Trump Entertainment. In 2008, sales at The Taj Mahal fell 5.1%, those at Trump Plaza dropped 6.4% and Trump Marina sales fell 15.8%. One analyst thinks that Trump will get another extension on his payment.