Trump Entertainment Resorts (TRMP) — the group of three New Jersey casino-hotels run by Donald Trump until last week — has just declared bankruptcy for the third time.
The Trump Bankruptcy
Trump Entertainment filed for Chapter 11 protection this week, just four days after Donald Trump resigned as chairman of the board on Friday. Trump’s name, however, is still listed as part of the company, reports indicate.
Trump reportedly resigned because the company shot down his offer to purchase the company and take it private. His daughter, Ivanka, stepped down at the same time, Bloomberg reports.
The Trump Entertainment Resorts bankruptcy filing indicates assets of $2.1 billion and debt of $1.74 billion as of the end of 2008.
Trump Entertainment Resorts: Past Problems
The Trump Entertainment casinos went through bankruptcy previously in 2004 and once before in the 90s. The company’s properties include the Trump Taj Mahal casino Resort, the Trump Plaza Hotel and Casino, and the Trump Marina Hotel Casino. The properties are expected to function normally during the current bankruptcy process.