New owners on tap for 3 Trump casinos in AC
ATLANTIC CITY, N.J. - July 14, 2010 -- Investors in the three Trump casinos in Atlantic City are set to take the reins of the struggling company.
The New Jersey Casino Control Commission is expected to give preliminary approval Wednesday to a group of bondholders led by New York-based Avenue Capital Management to own Trump Entertainment Resorts. The company plans to emerge soon from its third bankruptcy.
A bankruptcy court judge chose the bondholders' bid for the company over one pressed by billionaire investor Carl Icahn, who is still appealing that decision.
While his name will remain on the casinos, Donald Trump will own no more than 10 percent of the company.
The company is expected to proceed with efforts to sell its smallest gambling hall, Trump Marina. It also owns the Taj Mahal and Trump Plaza casinos.
new jersey, atlantic city, donald trump, casinos, local/state
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