If the interest payment is not made within the 30-day window, the holders of 25% of the outstanding principal amount of the notes could accelerate the notes' maturity of the Notes, and the lenders under Trump Entertainment's $490-million senior secured loan from Beal Bank of Nevada could accelerate the maturity of the loan, according to a release. The aggregate principal amount of the outstanding notes is approximately $1.25 billion.
Donald Trump, who founded Trump Entertainment Resorts, is a shareholder in the company but is not involved in its daily operations, which are separate from his private real estate holdings. It owns and operates Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino, all in Atlantic City. To access the full story, click here.
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