Trump Entertainment files for bankruptcy
New York - The casino companies owned by flamboyant US businessman Donald Trump filed for bankruptcy protection Tuesday in another indication of how the economic slump is picking off some of the most famous names in the business world.
Trump Entertainment Resorts Inc filed for Chapter 11 protection in the US Bankruptcy Court in New Jersey after failing to reach a new deal with bond holders to restructure
1.25 billion dollars in debt. The company said it had 1.74 billion dollars in debt and 2.06 billion dollars in assets, according to a court filing.
Trump and his daughter Ivanka resigned from the company's board Friday after growing frustrated with bond holders.
Trump Entertainment operates several casinos in Atlantic City, New Jersey, and has been hard hit by the slump in gambling and entertainment caused by the recession. Nine companies associated with Trump Entertainment also filed for bankruptcy protection, including Trump Taj Mahal Associates, Trump Marina Associates and Trump Plaza Associates. (dpa)