The New York Times has reported in its August 10th Edition that Trump hotels and Casino Resorts, the centerpeice of Donand Trump’s Casino holdings has annouced that it plans to file for bankruptcy. Accortding to the daily,”the company hopes the move will allow it to reorganize under new management and with new financing that will ease its $1.8 billion debt burden.” {{more}}
The report says that under the agreement reached with Trump Hotels’ bondholders, Trump “will step aside as chief executive and his 56 percent equity stake will be reduced to about 25 percent. It said that for Trump to hold onto that stake, he will be required to make a series of investments in the company including a $55 million cash investment and an exchange of Trump Hotels debt that he owns.
However according to the News, Trump will remain as chairman and in a nod to the marketing muscle retained by a host of the television show “the Apprentice” cede to the recaptalized company “a perpetual and exclusive worldwide trademak licence, royalty free, to use his name and likeness and all related marks and intellectual property.