Trump Wants Back In At The Casino Company That Bears His Name

Donald Trump walked away from the company that bears his name back in February. Unable to successfully buy the company from bondholders, Trump, along with his daughter, Ivanka, resigned from their positions on the board.

Now, just a few months since those events, Trump wants back in. He does not want to be on the board, he wants to buy the company. Trump relinquished the rights to the company back in 2004 during the second of three bankruptcy filings.

Trump is not the only option that the company has. There is another offer from bondholders that would also help reduce the current debt the company is in. Mark Juliano is the company's CEO, and he is unsure which way Trump Entertainment will go.

"We're looking for a plan that represents the opportunity to have an appropriate balance sheet and allows the company to generate enough cash to support its leverage," said Juliano, "which it hasn't been able to do in the past.

Trump is not entering the new proposal on his own. He has teamed with Beal Bank, which is based out of Dallas and run by a good friend of Trump's, Andy Beal. Trump is up against some of the same bondholders that denied his request to buy the company in February.

This is the third time that Trump Entertainment has had to go through bankruptcy. The first two attempts to emerge did not go well because not enough debt was eliminated, causing the company to fall deeper into debt.

This time around, Juliano wants to ensure that enough debt is eliminated so the company will have some breathing room in this tough economic climate. The company owns casinos in Atlantic City, one of the toughest hit areas in the US casino industry.

June 16, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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