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Tuesday February 17, 2009, 8:22 am EST
Yahoo! Buzz Print NEW YORK (Reuters) - Casino operator Trump Entertainment Resorts Inc filed for Chapter 11 bankruptcy protection on Tuesday, according to court documents, wiped out by the recession and a mountain of debt.
The move was widely expected, coming days after the casino operator's namesake tycoon, Chairman and founder Donald Trump, walked away from the company.
The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey.
The company missed a $53.1 million bond interest payment due on December 1 as a sharp downturn in consumer spending hit casino revenues, prompting bondholders to push for bankruptcy.
Trump, the most flamboyant player in an industry filled with colorful, headstrong executives, said the company represents less than 1 percent of his net worth, and that "my investment in it is worthless to me now."
No stranger to bankruptcy, Trump Entertainment Resort Holdings went into chapter 11 in 2004, from which it emerged a year later with Trump having relinquished the position of CEO.
Friday's statement did not say when Trump's resignation would be offered or take effect. His daughter Ivanka Trump is also resigning, it said.
Nine affiliates of the casino operator including Trump Plaza Associates, Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates simultaneously sought protection, according to the filing. |
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狗仔卡
发表于 2009-2-17 08:55 AM
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
发表于 2009-2-17 02:36 PM
:lol