Trump Regains Control

Donald Trump and his partners have won their court battle to regain control of Trump Entertainment Resorts thanks to an April 12 judge’s ruling.

The judge in the Chapter 11 bankruptcy proceeding accepted the proposal from bondholders Avenue Capital Group, Donald Trump and daughter Ivanka to buy the company out of bankruptcy for about $225 million over rival bidder Carl Icahn.

Icahn’s proposal was to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company. The plan would have wiped out the company’s debt along with the bondholders’ investments.

Trump Entertainment will reportedly emerge from the bankruptcy on better financial ground, with its debt cut to $334 million from $1.8 billion.