Trump posts $21.34 million first-quarter loss; eyes third-quarter exit

By Caroline Salls

Pittsburgh, May 12 - Trump Entertainment Resorts, Inc. reported a $21.34 million loss from operations for the quarter ended March 31 on $168.44 million in net revenues, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

In comparison, the company posted a $26.85 million loss from operations for the quarter ended March 31, 2009 on $192.26 million in net revenues.

The net loss for the first quarter of this year was $31.97 million, narrowing from a $65.56 million net loss for the same period of last year.

Trump had $60.58 million in cash and cash equivalents at March 31, down from $66.08 million at Dec. 31.

The company said it expects its plan of reorganization, which was confirmed on May 7, to take effect in the third quarter.

Conditions to the plan effective date include there being no modification or stay of the confirmation order or entry of other court order prohibiting plan transactions, the company's receipt of the funding under the rights offering and/or backstop agreement, receipt of regulatory approvals, distribution of the new common stock under the rights offering and backstop agreement and payment of fees and expenses of the noteholder committee, backstop parties and senior notes indenture trustee.

Trump Entertainment Resorts, an Atlantic City-based owner and operator of three casino resort properties, filed for bankruptcy on Feb. 17, 2009 in the U.S. Bankruptcy Court for the District of New Jersey. Its Chapter 11 case number is 09-13654.

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