Written by Nick Mathiason Posted by Amina Isakovic
"The Donald" is in trouble again. With the bottom falling out of the American gambling market, one of Donald Trump's companies has been forced to file for Chapter 11 bankruptcy protection.
Trump Entertainment Resorts, a collection of three mega-hotels and casinos in Atlantic City, New Jersey, is 28% owned by the colourful 62-year-old American tycoon who has regularly faced similar financial trouble in his eventful career.
The Chapter 11 filing comes four days after Trump, who has reinvented himself as a television star in the US version of The Apprentice, resigned as the company's chairman. His daughter Ivanka stepped down from the board at the same time.
As the company missed the deadline on a $53m interest payment, bondholders rejected Trump's plan to ease its financial crisis by buying back the company. Among Trump Entertainment Resorts' creditors is UK construction giant Bovis Lend Lease, which is owed $7.5m according to the filing.
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