“Even though it’s a small portion of my net worth, it’s an important company to me.” “I’m really happy about it,” he said Tuesday. Trump told The Associated Press it was “a wonderful deal which will substantially reduce the debt of the company.” Trump would remain chairman of the board but relinquish both his CEO title and his status as majority stakeholder in Trump Hotels. Under a plan announced late Monday, Trump Hotels & Casino Resorts will file for Chapter 11 bankruptcy next month in a “prepackaged” bankruptcy that offers a plan at the start to revive the struggling company. – He made millions in real estate, built a casino empire and conquered television with a reality show that turned “You’re fired” into a national catchphrase.īut Donald Trump’s glitzy, neon-trimmed casinos are now headed for bankruptcy court, a $400 million bailout and a new corporate structure in which he surrenders much of his control.
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