Once again, Donald Trump is back in control of the Atlantic City casinos that bear his last name.
Partnering with his daughter Ivanka and Dallas banker Andy Beal, the trio beat out bondholders in bankruptcy court.
AP: Trump Entertainment Resorts Inc. chose Donald Trump’s $100 million cash offer late Monday night. The Trumps and an affiliate of Beal Bank Nevada will take the company private.
The deal still must be approved by a bankruptcy judge.
Trump’s bid topped a competing bid backed by bondholders, whose refusal to deal with Trump in February led him to resign as chairman of the company and launch a drive to regain power.
Ironically, Trump, who is also a reality TV star, regained control of the company the same way he lost it four years ago — through bankruptcy. He was forced to relinquish operational control of the company and its three casinos as part of its emergence from its second bankruptcy in 2005.
“My previous investment in the company was destroyed by excessive and restrictive debt,” Trump said. “This reorganization changes all that. I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management.”
“My daughter Ivanka and I will work tirelessly to make this company great again,” he said. “As I have done in the past, we will make Atlantic City hot once more.”
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