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Judge says Trump must face competition for casinos

CAMDEN, New Jersey -- As reported by Bloomberg: "Donald Trump must compete with bondholders for control of the bankrupt casino company that bears his name, a judge ruled today.

"Trump Entertainment Resorts Inc.'s bondholders have the right to pursue their offer to invest $175 million in the casino operator, U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, decided today. That reorganization proposal can compete for creditor support and Wizmur's approval, the judge ruled.

"The bondholders, who are owed $1.25 billion, asked Wizmur to revoke the exclusive right of Trump Entertainment's managers to propose a reorganization plan.

"...Trump, who once owned 29 percent of the company, resigned from the board of Trump Entertainment before it filed for bankruptcy protection on Feb. 17. At the time of the filing, the Atlantic City, New Jersey-based company listed assets of $2.06 billion and debt of $1.74 billion as of Dec. 31..."

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