A group of bondholders led by Avenue Capital have received preliminary licensing approval by the New Jersey Casino Control Commission, to take control of Atlantic City’s Trump Marina, Trump Taj Mahal and Trump Plaza casino and resorts.
The approval allows Trump Entertainment Resorts to exit bankruptcy later this week under the control of bondholders, Donald Trump will only hold a small 10% stake in the company in exchange for the use of his name.
Avenue Capital’s CEO Marc Lasry says that although they still plan to sell the Trump Marina, bankruptcy allowed them to reduce their debt from nearly $1.8 billion to $334 million.
“The biggest issue Trump had was it was just massively over-leveraged,” Lasry said “We believe that five years from now, that equity (will be) worth a huge amount of money”.
The group plans on holding onto the Atlantic City casinos for at least five years and are open to additional capital investments outside of New Jersey, if necessary.
However, investor Carl Icahn has appealed the Judge’s decision to grant control of the properties to the bondholders. An appeals hearing has not been scheduled yet, although Icahn hopes that the ruling will be overturned and he will be able to exchange the properties mortgage notes for controlling interest.
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