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Donald Trump Back in AC Casino Biz

ATLANTIC CITY-Donald Trump has regained control of the casinos that bear his name in Atlantic City.

By Maria Wood | Updated on August 05, 2009

ATLANTIC CITY-Donald Trump and BNAC Inc., an affiliate of Beal Bank Nevada, have entered into an agreement to purchase Trump Entertainment Resorts Inc. Under the terms of the deal, Trump and BNAC will invest $100 million in the private company and restructure about $486 million in debt.

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.”

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