Legendary Trump Receives Two More Weeks For Casino Deal

The Trump Entertainment loan payment saga took another turn on Wednesday when the company received a two week extension from bond holders. The company will now focus on using these two weeks wisely in attempting to restructure their debt.

"We should read into this (two week extension) that discussions are ongoing and progressing. They (bond holders) feel that during this period of time they're willing to have discussions continue, and we're happy that they are continuing," said Mark Juliano, Chief Executive of Trump Entertainment Resorts.

What the company is trying to avoid is having to file for bankruptcy protection. Trump associates have been negotiating with lenders and the talks are progressing, just at a much slower pace than the company would like.

The negotiations began back in December when Trump missed a payment to bond holders. At the time, they were not in violation of their agreement. At the end of December, however, no agreement was reached and an extension was granted.

That extension was up until today, but now the company has been given until February 4th to work out a deal. The negotiations are complex because of the large amount of debt the company has. $1.25 billion is the figure that needs to be dealt with.

January 22, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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