Sunday, November 30, 2008

Trump Entertainment Resorts to skip payment.

Facing tough competition and sliding revenue amid the economic meltdown, Trump Entertainment Resorts will have to skip a $53.1 million interest payment scheduled for Monday on its 8.5% senior secured notes due 2015 in order to maintain sufficient liquidity.

This from the WSJ's Market Watch. This of course is a seperate company from Donald Trump himself, but "The Donald" is the single biggest holder of the stock of this company.

The comapny has 30 days to make the payment. If at that time a payment is not made then the holders of some of the notes are able to speed up the maturites. The article seems to think that the company will use the 30 days to restructure the debt and that makes sense to me.

I guess in these times everyone, even Mr Trump's companies can get themselves into trouble.

Good Luck and Good Currency Trading.



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