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Trump to Financiers: "I'm Broke...again!"
By
tien mao
Published Nov 22, 2004
Modified Mar 7, 2008
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By
tien mao
Published Nov 22, 2004
Modified Mar 7, 2008
Share
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There's nothing quite like a billionaire with a popular TV show having his casinos file for bankruptcy, but that's exactly what happened to Donald Trump. Despite running his casinos into Chapter 11 bankruptcy, Trump will remain chairman and CEO of his casino group.
In the restructuring plan, Trump's ownership of the company will be reduced to 27% from 56%, while the company can restructure its debt. A sheer business move for a group of casinos that are badly in need of some sprucing up. Looks like last year's trip to Atlantic City on The Apprentice didn't do too much for the bottom line. Gothamist wishes something like this would be covered on The Apprentice, but we'll settle for Jennifer M. being fired.
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