The Donald'sTrump Entertainment is running for the cover of Chapter 11 bankruptcy protection, again.
Chief Executive Officer Mark Juliano said there wouldn't be an immediate change in the company's daily operations.
The ongoing housing crisis, disappearance of easy credit and deteriorating job market have made for a difficult business environment--especially for the leisure industry since it relies on consumer spending. In other words, the economic slowdown has tapped out the spendthrifts that casinos need.
The company's nine affiliates include the Trump Plaza, Trump Marina and Trump Taj Mahal casinos, all of which simultaneously sought protection. As of Dec. 31, the casino operator's assets totaled about $2.1 billion and total debts of about $1.7 billion.
Later in the article:
The move into Chapter 11, which had been a long time coming, became imminent after Donald Trump announced on Friday that he would resign from the company's board due to disagreements with bondholders who wanted the casino group to file for bankruptcy. His daughter Ivanka Trump also is resigning.
Donald Trump characterized his decision to step down as coming amid internal turmoil that was compounded by dramatically deteriorating sales. He also contended that the company represents less than 1.0% of his net worth, saying Trump Entertainment is "worthless to me."
The entire article can be found on Forbes.com.
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