Gaming News

Trump, bondholders increase casino offers

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Donald Trump is offering to pay bondholders an extra $13.9 million in cash in hopes of regaining control of the bankrupt casinos that he no longer owns but still bear his name.

"Bondholders, however, have made their own move to buy the company, increasing their offer from $175 million to $225 million in a bidding war with the celebrity CEO and star of the NBC reality show 'The Apprentice.'

"U.S. Bankruptcy Court Judge Judith H. Wizmur learned details of the competing offers for Trump Entertainment Resorts Inc. during a hearing Wednesday in Camden. She scheduled Jan. 20 as the first of five possible days of hearings to select the best plan to help the company emerge from Chapter 11 bankruptcy protection.

"By scheduling the hearings so far in the distance, Wizmur is giving both sides plenty of time to work out a deal instead of forcing her to pick one plan over another and possibly igniting all-new litigation that could drag out the bankruptcy for months..."

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