Posted by Christina Dove
Donald Trump's Casino Company Files Third Bankruptcy
Author(s): Katherine Butler
May 2009
You may have heard that business mogul Donald Trump has filed for bankruptcy. Again.
While this isn't a personal filing, Trump is no stranger to bankruptcy. In February 2009, Trump's casino company, Trump Entertainment Resorts, Inc., filed for bankruptcy for the third time. But this time, Trump and his daughter Ivanka quit before the actual filing.
Since the second bankruptcy filing in 2004, Trump has only owned about a quarter of the casino operation, although he continued to serve as Chairman of the Board until February. According to the court filing, the company had $2.06 billion in assets and more than $1.74 billion in liabilities. In order to save the company, Trump made an offer to buy the company and take it private. But he claims that bond holders and "their allies on the board" refused his offer. When the offer was refused, the Trumps walked.
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