He declined to predict how long it will take for the company to emerge from bankruptcy. The company would also be able to draw on a $500 million credit line at 4 percent interest, he said. The interest rate on the debt would be reduced to 8 percent, from 15 percent, under the bankruptcy reorganization plans, he said. The filings list debt of about $1.8 billion in debt, which Trump said would be cut by $500 million. The properties have been hurt badly by new competition from the Borgata Hotel Casino & Spa and other casinos. The Trump casino operations have been fighting to survive amid debt that has hampered Trump’s efforts to maintain and expand his Trump Marina, Trump Taj Mahal and Trump Plaza casinos in Atlantic City.
There’s no way we could have done that without the ’B’ word,” he said. “We have one of the most powerful gaming companies the day it comes out (of bankruptcy). It’s really just a technical thing, but it came together.”
“In this case, it was just something that worked better than other alternatives. The Trump Taj Mahal in Atlantic City, N.J., is part of Donald Trumps casino empire that filed for Chapter 11 bankruptcy protection Sunday after months of negotiations with bondholders over. “I don’t think it’s a failure, it’s a success,” he said in the interview.
