Donald Trump is eager to once again have control of Atlantic City casinos but the road to ownership might be a bit challenging. The
Wall Street Journal says that while Trump has reached an agreement with Trump Entertainment Resorts Inc., which is in Chapter 11, the deal is fraught with difficulty. Trump's sale must first get the approval from a bankruptcy court judge and he will also have to appease bondholders who the WSJ says hold about $1.25 billion in second-lien debt and could lose that money if Trump's deal goes through. Trump and the firm's top lender, Beal Bank, agreed to invest $100 million in the company and Beal will extend the terms of a $486 million loan until December 2020 from 2012. The question of what the casino company is actually worth may be key to figuring out what its future will be. Trump is a savvy businessman and may have chosen to act now because he thought he could get his company back for a low price.
Reader Comments (Page 1 of 1)
Andy Aug 6th 2009 1:05AM
"Trump is a savvy businessman..."
That's so far from the truth. Someone that constantly overpromises and underdelivers is a savvy businessman? I love that there is this public perception that this guy is somehow a good businessman. Posts like this keeps perpetuating the idea and it isn't even close. Anybody with the amount of capital that he's had would have been MUCH more successful.
Goto98 Aug 6th 2009 11:04PM
I agree Andy,
Trump is anything but a smart businessman. His success is due more to his lawsuits and outlandish behavior than his business sense. Both of these traits landed him his show Apprentice, which has made Trump far more money than his developing business.
He does not deserve to be considered anything more than a celebrity, certainly not a businessman.