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Timeline: Trump's bouts with bankruptcy

Timeline: Trump's bouts with bankruptcy

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Trump's bouts with bankruptcy

July 1991: Trump Taj Mahal Casino Resort files for Chapter 11 bankruptcy protection.

August 1991: U.S. Bankruptcy Court approves financial restructuring of Taj Mahal, giving half ownership of the casino to bondholders in exchange for lower interest payments.

March 1992: Trump Plaza Hotel and Casino and Trump's Castle, now known as Trump Marina Hotel Casino, file for Chapter 11.

May 1992: Trump Plaza and Trump's Castle win bankruptcy court approval to restructure their debts. Bondholders receive new notes paying lower interest to reduce the casinos' debt load.

November 2004: Trump Hotels & Casino Resorts Inc. files for Chapter 11 bankruptcy in a prearranged deal with corporate bondholders to restructure $1.8 billion of debt for all three Trump casinos.

May 2005: Trump casinos emerge from Chapter 11 protection under a new operating company called Trump Entertainment Resorts Inc. The restructuring trims about $600 million in debt and slashes interest payments by $102 million annually. Donald Trump relinquishes majority control to bondholders and gives up his title of chief executive officer, but remains chairman of the board.

February 2009: Trump and his daughter, Ivanka Trump, resign from the Trump Entertainment board of directors in a feud with bondholders. Trump also quits as chairman after bondholders reject his offer to buy the publicly traded company and take it private.

Feb. 17, 2009: Four days after Trump's resignation, Trump Entertainment files for Chapter 11 bankruptcy. Like other Atlantic City gaming halls, the financially troubled Trump casinos are battered by the recession and fierce competition from Pennsylvania's slot parlors.

Aug. 3, 2009: Trump Entertainment chooses Donald Trump's buyout offer over a competing plan floated by corporate bondholders. The buyout is subject to approval by the bankruptcy court and creditors.

Compiled by Press of Atlantic City staff writer Donald Wittkowski


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