ATLANTIC CITY, NJ—A bankruptcy judge approved debtor-in-possession financing totaling $20 million for Trump Entertainment by investor Carl Icahn on Wednesday.
The ruling in the bankruptcy court case in Wilmington, DE is part of Trump Entertainment's attempts to keep the Trump Taj Majhal casino open, according to the Associated Press.
The unsecured creditors committee argued against the financing proposal saying there were too many strings that would give Icahn more control over Trump Entertainment's operations. Icahn is Trump Entertainment's senior secured lender and is owed more than $285 million plus interest. See story at NorthJersey.com.
In other Atlantic City news, with the sale of the shuttered Revel Casino Hotel scheduled to close in a little more than a week, the bankrupt casino is getting a major tax break this year, according to the Associated Press.
Under a settlement it reached with the city, the property's tax assessment for 2015 will be reduced from $625 million to $225 million.
Documents filed in bankruptcy court Wednesday revealed Revel's quarterly tax payment due on Sunday would have been nearly $10 million. It will now be less than $2 million.
Atlantic City has yet to establish a municipal tax rate for 2015, however, at current rates, Revel's annual tax would be reduced from $39.52 million to $7.52 million.
Florida developer Glenn Straub's deal to acquire the property for $95.4 million is slated to close by Feb. 7. See story in The Inquirer.
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