Trump Entertainment – Delisted from NASDAQ and Bankrupt!

Written by Kaus | Friday, February 20th, 2009

Earlier this month SlotsGeek reported rumours which were circulating that Trump Entertainment might be filing for a Chapter 11. It was later announced this week that Trump Entertainment Resorts is going through the process of bankruptcy and as the company said to the press “is a result of the strained economic environment”. Chapter 11 was filed on Wednesday.

The Trump Casinos are located in Atlantic City and New Jersey. During the process of reconfiguring the financial disaster the company is in, management at the Jersey casino said they will remain open until something secure is in place.

“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,” Mark Juliano, the company’s chief executive, said in a statement.

Trump on the other hand was on the David Letterman show and told Letterman that the entire gaming industry is in a disaster. He refused to accept any responsibility or ownership in the company’s problems and stated that the casinos are a very small part of his entire net worth.

During the interview Trump said he offered to buy back the casinos to avoid bankruptcy however his proposal was rejected. Since then Donald Trump has handed in his resignation as chairman of the board with his daughter Ivanka taking the same stance.  His resignation was his way of  protesting against the creditors who are forcing the company into bankruptcy. Donald Trump is still the largest shareholder owning 28% of the Atlantic City Casinos, as was reported by the Wall Street Journal.

Trump Entertainment Resorts has a looming debt of $1.7 billion dollars  from all three Trump casinos which include; Trump Taj Mahal Casino Resort , Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. They defaulted on their $53.1 million bond interest payment back in December of 2008,  and have received several extensions since.

Trump Casino Stock Delisted From NASDAQ

To add more bad press to the company the Trump Stock ( TRMP) which at one point had an all time high of $22.39 back in 2006  has now dropped to less than $0.11 a share. The company has  received their notice that their stocks will be removed from the NASDAQ exchange starting next Thursday.

Below is his interview with Letterman

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