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Donald Trump Back in Control of AC Casinos
Published: Tuesday, 4 Aug 2009 | 5:02 AM ET
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By: Reuters

Bankrupt casino operator Trump Entertainment Resorts said real estate tycoon Donald Trump and BNAC, an affiliate of Bank of Nevada, had agreed to buy the company for $100 million.

Donald Trump
CNBC.com
Donald Trump
Donald Trump and BNAC will emerge as owners of the privately held company.

The deal is yet to be approved by the bankruptcy court, a statement from Trump Entertainment Resorts said.

Trump Entertainment [TRMPQ  Loading...      ()   ], which filed for Chapter 11 protection in February, also said it had filed a reorganization plan with the bankruptcy court.

"My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that," Donald Trump said in the statement.

Trump, the casino operator's founder and one-time chairman, resigned in February when bondholders demanded a Chapter 11 filing after the company missed a $53.1 million bond interest payment.

The billionaire said the company had borne his name but not performed to his standards.

Under the reorganization plan, Trump Entertainment received an extension on the maturity period of about $486 million in debt.

"The plan is both backed by company's management and received the approval of the company's board of directors," Trump Entertainment said in the statement.

Copyright 2009 Reuters. Click for restrictions.
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