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ATLANTIC CITY-Trump Entertainment Resorts Inc., which missed a Dec. 31 deadline for a $53.1-million interest payment on its 8.5% senior secured notes, has three more weeks to either make the payment or negotiate a debt restructuring, according to a filing with the Securities and Exchange Commission.

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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