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The Donald may be back on the Boardwalk. Trump Entertainment Resorts Inc., the owner of three casino resort properties in Atlantic City, N.J., that filed for bankruptcy earlier this year, said it has reached an agreement to sell itself back to Donald Trump and Dallas-based Beal Bank for $100 million.
However, the deal must be approved by a bankruptcy court judge and faces a challenge from bondholders who hold about $1.25 billion in second-lien debt that would be wiped out if Trump's bid is accepted, The Wall Street Journal reports.
If he does get the properties back, Trump says he would take them private. "My previous investment in the company was destroyed by excessive and restrictive debt," Trump said in a statement. "This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."
Trump Entertainment Resort Inc. owns and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, both on the Boardwalk, and Trump Marina Hotel Casino in Atlantic City's Marina District.
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