According to a company statement, the firm's management and its board of directors have approved the reorganization plan. In February, the company filed for Chapter 11, and Trump and his partner reportedly beat out bondholders in bankruptcy court to once again own the company that operates three casino resorts here: Trump Taj Mahal, Trump Plaza and Trump Marina. The reorganization plan must also pass muster with the bankruptcy court.

"My previous investment in the company was destroyed by excessive and restrictive debt," said Trump in a statement. "This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management. My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more."

"As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the court's expeditious approval so that the new capital can start being invested," said Mark Juliano, Trump Entertainment's chief executive, in a statement. "I am confident that this is the best proposal to provide the company with a platform for growth."