GAMING

Resorts International to Seek Bankruptcy: Cash-strapped Resorts International Inc. of Atlantic City, N.J., reached agreement with creditors to cede ownership of its Bahamas assets and file for bankruptcy. Under the debt-restructuring agreement, Resorts will exchange its Paradise Island, Bahamas, assets as well as cash, new debt and about 40% of the company’s equity for the $449 million owed to its note-holders, Fidelity & Trust Co. of the West. The casino and hotel company said the note-holders also approved a plan under which Resorts would file a prepackaged bankruptcy. The company will continue to own and operate Merv Griffin’s Resorts Casino Hotel in Atlantic City, and Merv Griffin will remain chairman and a major shareholder.