Trump aims to retake control of casinos

June 16, 2009 9:19:49 AM PDT
The three Atlantic City casinos still bear his name, but that has been the extent of Donald Trump's involvement with them for five years. Now, the real estate mogul has submitted a plan to buy Trump Entertainment Resorts out of bankruptcy and retake control of the casino company that he was forced to relinquish in a 2004 bankruptcy.

Trump's plan to team with Beal Bank competes with a plan from the company's bondholders.

Mark Juliano, the company's CEO, says the board will weigh both plans in the coming weeks and select one. A bankruptcy court judge on Tuesday extended the process 45 days.

The goal of both plans is to whittle down choking debt that forced the company into its third Chapter 11 filing in February.

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