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Trump bids to deal casinos another hand.

Tycoon Donald Trump's casino business has filed for bankruptcy to allow the property magnate to restructure its debt and revamp its ageing sites.

He last month completed a restructuring deal with bondholders which cut his stake in the firm but maintained his role as chairman and chief executive.

Under the voluntary bankruptcy filing, Trump Atlantic City Associates, 99pc owned by Trump Hotels & Casino Resorts, listed $1.3bn in debt with $1.5bn in assets. It is the second big bank- ruptcy for the business, the first in 1992.

The restructuring sees bondholders owning two-thirds of the business and Trump's stake falling from 56pc to 27pc.
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Publication:The Journal (Newcastle, England)
Geographic Code:1USA
Date:Nov 23, 2004
Words:105
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