Trump Entertainment Resorts files Chapter 11 bankruptcy

By Caroline Salls

Pittsburgh, Feb. 17 - Trump Entertainment Resorts, Inc. and its Trump Entertainment Resorts Holdings, LP and Trump Entertainment Resorts Funding, Inc. subsidiaries filed for Chapter 11 bankruptcy Tuesday in the U.S. Bankruptcy Court for the District of New Jersey.

"We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period," chief executive officer Mark Juliano said in the release.

"This filing will result in no immediate change in our daily operations, and we expect to make no changes regarding our operating structure or philosophy.

"We remain focused on operating as efficiently as possible in this strained economic environment, and we appreciate the ongoing dedication of our team toward our mutual goal of building a successful company together."

Trump said it is not seeking debtor-in-possession financing because it has adequate cash resources to fund its business operations.

According to court documents, Trump had $2.056 billion in total assets and $1.738 billion in total debt as of Dec. 31.

The company's largest unsecured creditors include:

• U.S. Bank NA Corporate Trust Services, Portland, Ore., with a $1.311 billion claim;

• Bovis Lend Lease, Inc., Princeton, N.J., with a $7.47 million claim;

• Thermal Energy Ltd. 1, Atlantic City, N.J., with a $1.86 million claim;

• Hess Corp., Lehigh, Pa., with a $1.36 million claim; and

• Casino Control Fund, Atlantic City, N.J., with a $1.15 million claim.

As previously reported, Trump failed to make the Dec. 1 interest payment on its 8½% senior secured notes due 2015.

Trump Entertainment Resorts is an Atlantic City-based owner and operator of three casino resort properties. Its Chapter 11 case number is 09-13654.

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