Wednesday, September 10, 2014

Trump Entertainment files for Bankruptcy

Trump Entertainment Resorts filed for bankruptcy last Tuesday and warned to close Taj Mahal Casino making it the fifth casino to shut down in Atlantic City this 2014.

Trump Entertainment Resorts has less assets of no more than $50,000 and more liabilities between $100 Million and $500 million. The company also missed its quarterly tax payment due last August 2014 and said it didn't have enough cash to make payments to lenders payable by the end of the month. 

The company filed the bankruptcy in US Bankruptcy Court in Wilmington Delaware. 

The last time Trump Entertainment filed bankruptcy was in 2010 with $350 million in debt.

Donald Trump does not control or has any involvement in it and only owns 9 percent stake in the firm. 

Trump Entertainment who also own Taj Mahal Casino would have no remaining properties if and when this closes and doesn't win salary concessions from union employees by November 2014. 

The company has around 2800 workers as of July 2014.