Trump Taj Mahal sourcing funds amid bankruptcy
Posted on Monday, December 1st, 2014 at 6:12 pm
Trump Entertainment Resorts asked a bankruptcy court in Delaware on November 26 to allow the supplemental funding for the continuous operation of Trump Taj Mahal casino while undergoing Chapter 11 reorganization, the Associated Press reported.
The Atlantic City-based casino and resort reportedly will run out of funds by January 16 next year. Trump Entertainment is asking the court to allow the $5 million funding offered from billionaire Carl Icahn. An investment bank advisor said that it’s impossible for Trump Entertainment to exit bankruptcy without the financial aid coming from Icahn, which is their last option. Icahn reportedly decided to buy Taj Mahal to save thousands of jobs, although he admitted it was not a great investment in and of itself.
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