Trump Entertainment files Chapter 11
February 17, 2009
Trump Entertainment Resorts Inc., and its subsidiaries Trump Entertainment
Resorts Holdings L.P. and Trump Entertainment Resorts Funding Inc., announced
that they filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in United States Bankruptcy Court for the District of
New Jersey in Camden, N.J.
The company's Chief Executive Officer, Mark Juliano, noted, "We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period. This filing will result in no immediate change in our daily operations, and we expect to make no changes regarding our operating structure or philosophy. Importantly, our customers will not be affected by this filing, and there will be no change to our TrumpONE or other marketing programs. We remain focused on operating as efficiently as possible in this strained economic environment, and we appreciate the ongoing dedication of our team towards our mutual goal of building a successful company together."
The company has requested court approval to continue to pay its vendors in the normal course of business. Additionally, the company is not seeking debtor-in-possession financing as it currently has adequate cash resources to fund its ongoing business operations. There can be no assurance that any agreement with respect to any plan of reorganization will be reached or, if any agreement is reached, as to the terms thereof.
Trump Entertainment Resorts, Inc. owns, through its interest in holdings, and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, and Trump Marina Hotel Casino, located in Atlantic City's Marina District.
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