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ATLANTIC CITY - Trump Entertainment Resorts Inc., currently in a bankruptcy fight for new ownership, posted a $15.1 million loss in the third quarter from the operation of its three Atlantic City casinos.
Net revenue for the quarter fell 9.4 percent to $228.3 million compared to the same period last year largely because of a drop in gaming business, the company reported.
The quarterly results, disclosed Friday evening in a federal securities filing, were the latest bad news for a company trying to restructure its finances under Chapter 11 bankruptcy protection.
Former Chairman Donald Trump has teamed up with an affiliate of Dallas-based Beal Bank to try to buy the company for nearly $114 million and take it private. Bondholders owning $1.25 billion in Trump Entertainment notes have offered $225 million for the company. A bankruptcy court judge in Camden has scheduled hearings beginning Jan. 20 to decide which buyout plan to approve.
Trump Entertainment is backing the Trump-Beal plan because it would slash the company's $1.7 billion debt to just $486 million by extinquishing the bondholder notes. Trump initially proposed paying bondholders nothing, but sweetened the deal last month to include a cash offer of $13.9 million.
Posted in Breaking, Atlantic_city on Friday, November 6, 2009 8:05 pm
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