Trump Entertainment Resorts Inc fka TRMYQ

[Papa Bear]

BRIEF HISTORY OF TRUMP ENTERTAINMENT RESORTS


In 2004, Trump Hotels & Casino Resorts explored various options for restructuring its debt, amid speculation that it might file for bankruptcy. A possible arrangement with Credit Suisse First Boston was not completed because the bondholders rejected it.

On October 21, 2004, the company announced a preliminary agreement with its investors. Trump, who has been the majority owner, would reduce his stock ownership from 56 percent to 27 percent. Bondholders would surrender some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be the joint lead arranger for a financing of $500 million financing as part of the restructuring plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan. The plan was submitted to the Bankruptcy Court on December 16, 2004.

After the 2004 bankruptcy filing, the company changed its name from Trump Hotels & Casino Resorts to Trump Entertainment Resorts.

On May 18, 2007, the company announced that it was in the preliminary stages of negotiating a buyout with several public and private firms. On July 2, 2007 Trump Entertainment Resorts announced that they could not make a deal with any company that they were in talks with and decided to take itself off the market. The company planned to lay off employees in order to cut costs.

On February 17, 2009, the company filed for Chapter 11 bankruptcy protection, in the face of multi-billion dollar debts. Nine affiliates of the casino operator, including Trump Plaza Associates, Trump Marina Associates, and Trump Taj Mahal Associates, also filed at the same time.

On Monday, August 3, 2009, it was announced that Donald J. Trump and Beal Bank Nevada, an affiliate of Dallas, Texas-based Beal Bank, announced that they had offered to buy Trump Entertainment Resort in a deal worth $100 million.


http://en.wikipedia.org/wiki/Trump_Entertainment_Resorts