Donald Trump Back in Bankruptcy Court as Trump Entertainment Resorts, Inc. Files Chapter 11

For the third time Trump Entertainment Resorts, Inc. has filed for bankruptcy as the firm entered Chapter 11 filings in U.S. Bankruptcy Court in Camden, New Jersey on Tuesday.

According to court documents the firm, which operates the Trump Taj Mahal Casino Resort and Trump Plaza Hotel & Casino on Atlantic City's Boardwalk, and the Trump Marina Hotel Casino in Atlantic City's Marina District, listed less than $50 million in assets while claiming more than $500 million in debt.

The decision to file for Chapter 11 bankruptcy was made by the Trump Entertainment Resorts, Inc. board late Monday night after bondholders threatened to force the firm into bankruptcy had it not done so on their own.

Trump resigned s chairman of the board on Friday evening, expressing disagreement with the actions of creditors. The real estate mogul released a statement concerning the demise of Trump Entertainment Resorts, Inc. saying, “Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company. ... These are very tough times in Atlantic City. Almost every company is in serious financial trouble. Despite this, I will be watching closely and at some point in the future, I hope to return.”

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