P.M. BRIEFING : Trump Shuttle Off Selling Block
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NEW YORK — The Trump Shuttle, severely hit by soaring fuel prices, is no longer profitable and no longer for sale, the Trump Organization said today.
“The Trump Shuttle is doing well in a very bad market, but it is not turning a profit because of soaring oil prices and we are no longer looking for a buyer because the market is not existent,” said Steven Bollenbach, chief financial officer of the Trump Organization.
“What airline would want to buy the Shuttle in the current situation when nobody knows where the oil prices are going to go to?” he added.
Bollenbach confirmed that cash-strapped developer Donald Trump, who bought the shuttle only a year ago, had failed to make this week a $1.1 million interest payment on a $245 million loan to finance the Shuttle acquisition.
“Donald Trump met yesterday with Citibank executives to discuss restructuring the loan and we are very hopeful an agreement can be reached,” Bollenbach said.
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