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.