Through Icahn Partners LP and certain affiliates, billionaireinvestor Carl Icahn has acquired 51 % of the first-lien debt owedby Trump Entertainment. Resorts to Beal Bank for $229 million incash. kahn also has the option to purchase the rest for around $220million, according to papers filed on Dec. 11,2009 with the USBankruptcy Court for the District of New Jersey in Camden.
The deal, which was negotiated with Beal Bank and Beal BankNevada, is part of a bankruptcy reorganization plan kahn devised tohelp the troubled casino company emerge from Chapter 11. It's thethird such filing for the company-which owns Trump Taj Mahal CasinoResort, Trump Plaza Hotel and Casino and Trump Marina HotelCasino-or its corporate predecessors.
This sets the stage for a battle with real estate tycoon DonaldTrump, who is backing a rival plan for the casinos'bondholders.
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