Trump Entertainment Resorts, Inc. has successfully emerged from a Chapter 11 reorganization process, reporting "significant new financial strength and resources, and a shared vision for stability and growth under a new ownership structure." Through the reorganization process, the company has eliminated approximately $1.3 billion in debt and will be able to retain the Trump brand for Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Trump Marina Hotel Casino in Atlantic City, NJ.
Of the $225 million of new equity been injected into the company, $125 million is for the reduction of pre-petition debt. Earlier this week, the New Jersey Casino Control Commission granted the Company the required approvals to consummate the approved plan of reorganization. The Casino Control Commission also approved several petitions of Avenue Capital Group and affiliated companies necessary for the transaction to be completed and for Marc Lasry to assume the position of chairman of the board of the reorganized company. Lasry is the chairman and chief executive officer of Avenue Capital Group, a global investment firm, which served as the lead bondholder throughout the reorganization process and is now the largest shareholder.
Trump Entertainments Resorts, Inc. operates approximately 6,600 slot machines, nearly 350 table games and over 3,600 hotel rooms.