Trump Hotels to Exit Bankruptcy
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Donald Trump’s Trump Hotels & Casino Resorts Inc. got a $500-million loan that will allow the company to exit bankruptcy protection, Trump Hotels President Scott Butera said.
The loan from Morgan Stanley and UBS will include a $200- million five-year revolving credit line, a $150-million seven-year term loan and a $150-million “delayed draw” loan that the company has a year to decide whether to use, Butera said.
Trump, a real estate developer and star of NBC’s “The Apprentice,” will invest $55 million in Atlantic City, N.J.-based Trump Hotels and remain chairman and chief executive with a 30% stake, according to the bankruptcy filing. Bondholders will have a controlling stake.
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