Atlantic City was once held up as a success story of what casino gambling could do for the Commonwealth. It should still be held up for what casino gambling can do for the Commonwealth.
Trump’s departure comes ahead of a Feb. 17 deadline to make a $53 million bond payment first due on Dec. 1. The target has been extended four times since an initial grace period ended Dec. 31. Bondholders are planning to force Trump Entertainment into Chapter 11 bankruptcy early next week, the Wall Street Journal said, citing unidentified people familiar with the matter.
“It’s a disaster and I see what’s happened with so many others, and I don’t want to be a part of it,” Trump said.
The company’s market value has tumbled to $7.3 million from its peak at $842 million in August 2005.
Trump Entertainment’s 8.5 percent notes due June 2015 traded at 14 cents on the dollar yesterday, according to Trace, the bond-pricing system of the Financial Industry Regulatory Authority.
1 comment:
Twin Rivers is next. Will the Beacon Hill brain trust notice?
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