Trump Entertainment Files Chapter 11: Report
Updated from Monday, Feb. 16
Trump Entertainment Resorts (TRMP) filed for Chapter 11 bankruptcy protection Tuesday, court documents show, according to a report from Reuters.
The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on Dec. 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey, Reuters reports.
Nine affiliates of the casino operator including Trump Plaza Associates, Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection, Reuters reports, citing the filing.Donald Trump said on Friday that he had decided to resign from the board of the company. Trump is no stranger to bankruptcy court. Companies operating his casinos have already been through bankruptcy twice. Shares of Trump Entertainment Resorts closed Friday at 23 cents.
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