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Bankruptcy Court Asked to OK World's Fair Site Sale

28 Jun 2005

Las Vegas Sun

WASHINGTON -- Trump Hotels & Casino Resorts Inc. and its shareholders are asking a bankruptcy court to approve sale and auction rules for the former site of the World's Fair Casino Hotel, according to court papers.

Court papers filed Thursday and obtained Monday by Dow Jones said the company's official committee of equity security holders has found a lead bidder who is willing to pay $12.5 million for the Atlantic City, N.J., site.

Upon emerging from Chapter 11 protection, the company changed its name to Trump Entertainment Resorts Inc. The company obtained a $500 million senior credit facility secured with a first-priority lien on its assets, and used $150 million under the facility to make payments connected with the reorganization plan.

The new company has $1.25 billion in debt, down from $1.8 billion. It also issued 40 million new common shares, after a 1,000-to-1 reverse stock split.

Shareholders said the current price is $5 million more than the previous value placed on the property. The potential buyer also has made a good faith deposit of $875,000.

The parties are seeking approval of a $360,000 breakup fee for the unidentified lead bidder in the event an auction produces a higher bid for the property.

Copyright © Las Vegas Sun. Inc. Republished with permission.

 
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