Wall Street Journal
In February, TER filed for bankruptcy. In August, Trump and Beal agreed to purchase the company. Soon after, a group of bondholders challenged that bid.
The Trump Organization, the family's privately held company, could receive as much as a 10% stake in the reorganized company. In addition, the three Atlantic City casinos--the Trump Taj Mahal, Trump Plaza and Trump Marina--would continue to use the Trump name. The noteholders' reorganization plan requires bankruptcy court approval. A hearing is scheduled for January.
"This prolonged and continued litigation and the associated cost to the estate would mean that whoever won under their plan would ultimately lose," Trump said in a statement.For the complete WSJ article, click here.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
