The locally based casino owner and operator on Wednesday reached a forbearance agreement with 70% of its bondholders and Beal Bank Nevada, its creditor on a $490-million term loan, not to exercise their default rights on coupon or interest payments until at least Jan. 21. As previously reported on GlobeSt.com, the Dec. 31 deadline represented the end of the 30-day grace period on an interest payment that was due Dec. 1.
Trump Entertainment "remains in discussions with its lenders and certain note holders regarding a possible restructuring of the company's capital structure," according to the SEC filing. "There can be no assurance that any agreement with respect to any restructuring will be reached or, if any agreement is reached, as to the terms thereof." Founded by Donald Trump, who is not involved with day-to-day operations, the company operates the Taj Mahal and two other casino resorts in Atlantic City.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
