If the potential deal is approved, the company would change its name to Trump International Corp. DLJMB would become the majority shareholder, with Donald Trump continuing as the company chairman and remaining a significant equity holder. Plans include an expansion of current properties, as well as additional development.
Consolidated net loss for the year ended December 31, 2003 was $87.3 million, compared to a net loss of $12.0 million, for the year ended December 31, 2002.
COO Mark A. Brown cited very severe weather with record snowfalls and cold temperatures, a still slowing economy and the war in Iraq and the opening of the Borgata Casino in Atlantic City as challenges the company faced last year.
The proposed transaction is contingent upon obtaining regulatory approvals, a restructuring of assorted Trump mortgage notes at a discount to the face value, and establishing a common stock purchase price. Trump execs point out that although there have been discussions with DLJMB regarding the potential transaction, there is no definitive agreement.
UBS Investment Bank is serving as Trump's exclusive financial advisor.
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