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Trump Casinos Expected to Go Bankrupt

By Neal Colgrass, Newser Staff

Posted Feb 16, 2009 8:41 PM CST

(Newser) – Owing bondholders more than a billion dollars, Donald Trump's Atlantic City casino company is expected to file for chapter 11 tomorrow, the Wall Street Journal reports. Board members are discussing it tonight, but if they don't file, creditors will force them into bankruptcy tomorrow. It will mark Trump Entertainment Resorts' third visit to bankruptcy court.

Trump quit as chairman of the board on Friday after failing to strike a deal to buy out the company. "Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company," he said in a statement. Trump owns 28% of company shares, which have fallen from more than $4 last year to about 23 cents.

Donald Trump yells his trademark "You're Fired!" as he poses next to his daughter Ivanka Trump, Saturday, Aug. 23, 2008, in Los Angeles. (AP Photo/Chris Pizzello)

Executive Producer Donald J. Trump speaks at a news conference to announce MTV's new show "The Girls of Hedsor Hall" on Thursday, Jan. 29, 2009. (AP Photo/Peter Kramer)

Donald Trump arrives for a Trump event in this Jan. 17, 2007 file photo taken in the Hollywood section of Los Angeles. (AP Photo/Danny Moloshok, FILE)

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Airline will emerge from bankruptcy with fewer workers

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Donald Trump • Atlantic City • bankruptcy • casino

MOST POPULAR STORIES

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More Newser Stories

Detroit Bust Would've Been Better Than Bailout

Ex-Prez Bush says bailout his idea, and a good one

Trump: I Handed Romney Nevada Landslide

The Donald tells 'Fox and Friends' he'll take credit for Mitt's victory

Donald Trump: Vote for Mitt!

He endorses Romney at Las Vegas news conference

Trump to Endorse Gingrich—or Romney

And Rick Santorum picks up Sharron Angle's support

American Airlines to Cut 13K Jobs

Airline will emerge from bankruptcy with fewer workers

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Newser By Users

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What is Newser?