Company not seeking debtor-in-possession financing as it currently has adequate cash resources to fund its ongoing business operations
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.
Trump Entertainment files Chapter 11
February 17, 2009