Billionaire investor Carl C. Icahn says he has agreed to buy a majority of the first-lien bank debt of Trump Entertainment Resorts Holdings (NASDAQ: TRMPQ), which owns three Atlantic City casinos, according to Associated Press.
The deal is part of a bankruptcy reorganization plan Icahn negotiated to help the troubled casino company emerge from bankruptcy.
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Trump Entertainment filed for bankruptcy protection in February, the third such filing for the company or its corporate predecessors. The company owns Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino.
The deal was negotiated with Beal Bank and Beal Bank Nevada, which are headed by Donald Trump's friend Andy Beal.
Icahn says the plans offers the casino company no debt and the ability to weather current economic turmoil.
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