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A Federal Bankruptcy Judge has ruled that the re-organizational plan led bondholders and Donald Trump was in the best interest of Trump Entertainments three Atlantic City Resorts.
New York-based Avenue Capital Group will buy the company out of bankruptcy for $225 million. The company’s debt will be reduced from nearly $1.8 billion to $334 million and the Trump brand will remain associated with the gaming properties in exchange for Trump receiving up to a 10% equity stake in the company.
“This time we really cut the debt,” Donald Trump said on Tuesday. “It was never really cut enough. We’ve cut the debt down to a low level, and we now have a company in good financial shape.”
Their bid beat out a rival plan submitted by billionaire Carl Icahn, who wanted to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company.
While Icahn’s plan would have eliminated all the company’s debt, it also would have wiped out bondholders’ investments which played a key factor in Judge Judith Wizmur decision.
Subject to regulatory clearance, Trump Entertainment said it expected to emerge from bankruptcy-reorganization proceedings later this year, however Icahn will have 10 days to appeal the courts’ decision.
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