NEW YORK (Reuters) - Real estate tycoon Donald Trump said on Friday he has decided to resign from the board of Trump Entertainment Resorts due to disagreements with bondholders who want the casino group to file for bankruptcy.
The Atlantic City casino industry implosion continues. Following the second, and final, bankruptcy of AC's "state of the art" Revel Casino a month ago, as well as the shuttering of Atlantic Club hotel Casino and the Showboat hotel casino, the grim corporate reaper has come for one of the most prominent boardwalk casinos of all: Trump Plaza.
When it comes to the slow-motion cataclysm that is Atlantic City, where as we reported recently the Revel Casino recently filed its second and final liquidation bankruptcy, no other name has seen more bankruptcies than Donald Trump. Or rather Trump Entertainment, because nowadays the two are anything but synonymous. In fact, the Donald is so embarrassed of his namesake legacy that a month ago he filed a lawsuit demanding that his name be stripped from the hotels making up the former.
Donald Trump fired himself Friday from the casino company that bears his name. Spurned by bond holders who rejected his effort to buy Trump Entertainment Resorts, the real estate mogul and his daughter Ivanka are resigning from its board of directors.
If it seems like it hasn't been even a year since the latest Atlantic City casino, this one with the surreal ads showcasing Revel Atlantic City, opened up, it is because that is exactly the case. Ten months to be precise. And just as quickly as it came, just as quickly did it file for bankruptcy. Moments ago, the company issued a press release that it would engage in a debt-for-equity prepack (with Moelis, K&E and A&M all advising) Chapter 11 which will be completed over the summer.
The municipal council of Panama City has declared US real estate tycoon Donald Trump persona non grata following remarks he allegedly made about the Panama Canal."We unanimously approved a resolution that declared Donald Trump persona non grata," Javier Ortega, a member of the council, told AFP Friday.According to Panamanian officials, Trump told CNN that the United States had "stupidly" handed over the Panama Canal to the country "in exchange for nothing."
Caesars Entertainment Corp (NASDAQ:CZR) announced yesterday it plans to file for Chapter 11 bankruptcy next month, according to which it will undergo a debt restructuring scheme. With the restructuring program, the company's outstanding debt of $18.4 billion is expected to drop almost 50% in value.
The company's junior bondholders will bear the majority of the brunt from this overhaul. Meanwhile, the senior bank creditors have not conceded to the terms of the restructuring scheme yet.