Noteholders Left Luckless In Trump Ch. 11 Proposal

Law360, New York (August 4, 2009, 12:46 PM EDT) -- Gaming company Trump Entertainment Resorts Inc. has filed a Chapter 11 reorganization plan that would restructure $486 million in first-lien debt to Beal Bank while providing nothing for holders of $1.25 billion in senior secured notes and $3.3 million in unsecured claims.

The plan, filed Monday in the U.S. Bankruptcy Court for the District of New Jersey, also calls for Beal and founder Donald Trump to invest $100 million in Trump Entertainment in exchange for all the stock in the reorganized company. The company's existing stock...
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