Trump Warns Bankruptcy Filing Possible: Donald J....
From Times Staff and Wire Reports
Trump Warns Bankruptcy Filing Possible: Donald J. Trump has proposed a debt restructuring to bondholders of his Taj Mahal casino and warned them that a bankruptcy court filing may be the only alternative if the plan is turned down. A representative of the bondholders immediately rejected the proposal and said a Chapter 11 filing would be preferable to the Trump plan. The restructuring, proposed by two Trump subsidiaries, Trump Taj Mahal Funding Inc. and Trump Taj Mahal Associated LP, would give bondholders a nearly 20% equity stake in the Atlantic City casino in return for changes in the terms of its $675 million in junk bonds.
