U.S. News

Trump, Bondholders Reach Deal Over 3 NJ Casinos


Bondholders battling Donald Trump for control of Trump Entertainment Resorts' three Atlantic City casinos have reached a deal allowing the casinos to retain Trumps' trademark name.

Donald Trump

Under the deal to buy the company out of bankruptcy, the real estate mogul and reality TV star gets to keep a 10 percent stake while the company retains the right to use his name.

Both sides had been digging deep.

Trump and his daughter, Ivanka, had offered nearly $14 million in cash to bondholders, and bondholders were offering $225 million to buy the company out of bankruptcy.

The company had been struggling with debt amid a souring economy and as competition from slots parlors in Pennsylvania and New York increased.