OTHER NEWS - Feb. 6, 1992
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Two Trump Casinos to Go Chapter 11: Two of developer Donald J. Trump’s casinos told New Jersey gambling regulators that they will file for bankruptcy protection next month to restructure their crushing bond debts. The Trump Plaza Hotel and Casino and Trump’s Castle Casino Resort will file prepackaged bankruptcies under Chapter 11 of the U.S. Bankruptcy Code. They are following the path set last year by Trump’s other casino, the Trump Taj Mahal Casino Resort. Prepackaged bankruptcies secure bondholder approval beforehand. The idea is to speed up what can otherwise be a costly and lengthy stay in bankruptcy.
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