\nBill Rochelle and Sherri Toub, Bloomberg <\/p>\n
\tCarl Icahn was delayed about two weeks in his quest to expand his gambling holdings in Atlantic City, New Jersey, by purchasing two casinos owned by bankrupt Trump Entertainment Resorts Inc.<\/p>\n
\tA hearing had been scheduled for last week to consider the approval of disclosure materials explaining a plan under which Icahn would take ownership of the casinos mostly in exchange for debt. The official unsecured creditors\u2019 committee objected, saying it had been denied documents related to Icahn\u2019s efforts to boost his Atlantic City casino holdings beyond the Tropicana Casino & Resort which he bought out of bankruptcy in 2010.<\/p>\n
\tIcahn agreed to turn over more information. As a result, the disclosure approval hearing was rescheduled to Jan. 28. That will also be when a bankruptcy judge considers the approval of a $20 million loan Icahn offered to keep the 2,000-room Trump Taj Mahal operating.<\/p>\n
\tTrump Entertainment filed for Chapter 11 protection in September. By then, the 906-room Trump Plaza had already closed.<\/p>\n
\tIcahn and his related entitles are dominant holders of $285.6 million in first-lien notes to be exchanged for ownership under the plan.<\/p>\n
\tThe creditors\u2019 committee is opposed to the plan because it only offers unsecured creditors $1 million in cash and the right to file specified lawsuits, for a recovery of less than 0.5 percent on unsecured claims, which may be more than $232 million.<\/p>\n
\tAs part of last week\u2019s deal over the documents, the committee now has until Feb. 13 to object to the validity of claims held by Icahn and other secured creditors.<\/p>\n
\tThe Trump casinos were in bankruptcy before. They confirmed a reorganization plan in 2010, when the existing first-lien debt was issued. Second-lien creditors became the primary shareholders.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bill Rochelle and Sherri Toub, Bloomberg Carl Icahn was delayed about two weeks in his quest to expand his gambling holdings in Atlantic City, New Jersey, by purchasing two casinos owned by bankrupt Trump Entertainment Resorts Inc. A hearing had…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8559","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8559"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8559\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}