Trump Entertainment Resorts Inc. (fka TRMPQ)

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New Investor For Trump Entertainment Resorts (TRMP)

Filed in Trump Entertainment (TRMP) on Jul.25, 2010

Fresh from its third bankruptcy the newly restructured Trump Entertainment Resorts (TRMP: 0.40 0.00%) has gotten a new investor.

According to an SEC filing 13.53% of the Atlantic City casino operator has been purchased by Contrarian Capital Management, L.L.C holding 1,449,783 shares and Contrarian Capital Fund I, L.P with 9.11% and 975,825 shares.

The firm that specializes in distressed investing now owns a higher percentage in the company than previous owner Donald Trump who was only able to maintain a 10% interest in exchange for the use of his name under the bankruptcy restructuring plan approved by the judge in April.

Avenue Capital led by CEO Marc Lasry remains the company’s largest individual shareholder with 21.7%.

TRMP last traded on July 16 when the company emerged from bankruptcy and dropped 66.5% to close the session at $0.005 on 51.17 million shares.

http://www.casinogamingstock.net/news/new-investor-for-trump-entertainment-resorts-trmp-903555