Trump's casinos file for bankruptcy
Posted: Mon Nov 22, 2004 7:33 pm
This is pretty funny...
In 1992, Trump's Atlantic City casinos filed for Chapter 11 after buckling under the weight of $1 billion in debt. Now in 2004 they listed $1.3 billion in debt and with only $1.5 million in assets. Holy crap... how is he a couple billiondollars down!Donald Trump's casino operations have filed for bankruptcy in a long-expected move that would allow the real estate maverick to restructure the company's debt and overhaul its aging casinos.
The resort group said Monday it began its recapitalization process after filing for bankruptcy Sunday night.
Trump, the developer who flaunts his brusque business style on "The Apprentice" reality television show, last month clinched a restructuring pact with bondholders that would cut his stake in the company but preserved his role as chairman and chief executive.