Trump casinos get new deadline extension

11.02.2009, Lesen Sie hier den Bericht über «Trump casinos get new deadline extension».

Trump Entertainment Resorts Inc. and its bondholders agreed to a weeklong extension of their negotiations on a USD 1.25 billion debt restructuring to save the company from another trip through bankruptcy.

"Talks are continuing. As long as everyone keeps talking, that's considered progress,” said Mark Juliano, Trump Entertainment chief executive officer. "We're still hopeful an amicable resolution is in store.”

Both sides had set Wednesday as the latest deadline for negotiations, but they consented to extending the talks to Feb. 11. It took until nearly 7 p.m. Wednesday to get the final paperwork signed. It was the third time negotiations have been extended following Trump's failure on Dec. 1 to make a USD 53.1 million interest payment on USD 1.25 billion of corporate debt.

In addition, the lenders involved in a USD 490 million Trump Entertainment loan have agreed to wait until Feb. 11 to invoke a clause that could accelerate their payments and put further pressure on Donald Trump's shaky casino empire.

The new deadline gives the three Trump casinos extra time to avoid what would be their third round in bankruptcy since the early 1990s. Juliano has said all along that the company and bondholders would prefer to restructure the debt without having to go through a bankruptcy reorganization. Yogonet.com

Über Trump's Taj Mahal Casino:

On April 2, 1990, Donald J. Trump unveiled the Trump TAJ Mahal Casino Resort. Unprecedented in craftsmanship and opulence, the awe-inspiring architectural masterpiece is filled with the finest carpets, chandeliers and works of art in the tradition of the world's most grand and enchanting palaces.

--- Ende Artikel / Pressemitteilung Trump casinos get new deadline extension ---


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