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ATLANTIC CITY-Through Icahn Partners LP and certain affiliates, billionaire investor Carl Icahn has acquired 51% of the first-lien debt owed by Trump Entertainment Resorts to Beal Bank for $229 million in cash and has the option to purchase the rest for around $220 million, according to papers filed on Dec. 11 with the US Bankruptcy Court for the District of New Jersey in Camden.

The deal is part of a bankruptcy reorganization plan Icahn negotiated to help the troubled casino company emerge from Chapter 11 (click here for the full plan).

TER’s debtors have come out in support of the plan, which includes:

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