Donald Trump's casino company can begin a new chapter.
Trump Hotels & Casino Resorts
announced Friday its formal emergence from bankruptcy protection.
To mark the occasion, the company has taken a new name: Trump Entertainment Resorts Inc. Under its restructuring plan, the company issued about 40 million shares of new common stock, which will trade in the over-the-counter-market under the ticker symbol DJTE.
Under the restructuring plan, holders of some $1.8 billion in debt will receive $1.25 billion in new debt, along with equity in the new company that emerges from bankruptcy. Previous holders of common stock who were unaffiliated with the company were to receive cash payouts totaling $17.5 million.
Donald Trump, the real estate tycoon who has become a fixture of prime-time television by mentoring executive hopefuls on "The Apprentice," remains the chairman of the company, but his equity stake drops to about 30% from 56%.
The company owns three casino resorts in Atlantic City, N.J., and a riverboat casino in Gary, Ind.
Last month, the bankruptcy court approved the prepackaged restructuring. The company filed for bankruptcy last November, after struggling under the weight of its debt and facing increasing Atlantic City competition from the Borgata, a joint venture of