ATLANTIC CITY, N.J.,
July 16 /PRNewswire/ -- Trump
Entertainment Resorts, Inc. (the "Company") announced today that
the Company, together with certain of its subsidiaries, has
successfully emerged from a Chapter 11 reorganization process.
Upon emergence today, Trump Entertainment Resorts has
significant new financial strength and resources, and a shared
vision for stability and growth under a new ownership
structure.
Pursuant to the confirmed reorganization plan, $225 million of new equity has been injected into
the Company, including $125 million
intended for the reduction of pre-petition debt. Through the
reorganization process, the Company has eliminated approximately
$1.3 billion in debt.
Additionally, the Company will be able to retain the Trump
brand for Atlantic City
operations. Donald J. Trump and his daughter, Ivanka Trump, supported the Company's confirmed
plan of reorganization.
Earlier this week, the New Jersey Casino Control Commission
granted the Company the required approvals to consummate the
approved plan of reorganization. The Casino Control
Commission also approved several petitions of Avenue Capital Group
and affiliated companies necessary for the transaction to be
completed and for Marc Lasry to
assume the position of chairman of the board of the reorganized
company. Mr. Lasry is the chairman and chief executive
officer of Avenue Capital Group, a global investment firm, which
served as the lead bondholder throughout the reorganization process
and is now the largest shareholder of the reorganized Company.
Mr. Lasry commented, "Trump Entertainment Resorts today begins a
period marked by new financial strength. Having just
completed the transaction that made the Company's emergence
official, I am more excited than ever about the future."
Mark Juliano, the chief executive
officer of the Company and a member of the newly established board
of directors, noted, "Our company is now well-capitalized and
possesses a long-term strategy for growth. Our new board of
directors and ownership group have made it clear that they are
dedicated to the success of the Company over both the short- and
long-terms. We are excited about the new chapter that begins
today for Trump Entertainment Resorts."
Mr. Juliano further thanked the Company's employees for their
continued dedication through the reorganization process. "The
focus and support of our team in Atlantic
City has truly been extraordinary, and I want to thank them
for their perseverance. I know now more clearly than ever
that our team is second to none, and I look forward to sharing our
future successes together."
About Trump Entertainment Resorts
Trump Entertainment Resorts, Inc. owns and operates three casino
resort properties: Trump Taj Mahal Casino Resort and Trump Plaza
Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina
Hotel Casino, located in Atlantic
City's Marina District. Together, at these properties,
the company operates approximately 6,600 slot machines, nearly 350
table games and over 3,600 hotel rooms.
PSLRA Safe Harbor for Forward-Looking Statements and
Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements so long as those
statements are identified as forward-looking and are accompanied by
meaningful cautionary statements identifying important factors that
could cause actual results to differ materially from those
projected in such statements. All statements and information
concerning plans, expectations, estimates and beliefs, as well as
other statements including words such as "anticipate," "believe,"
"plan," "estimate," "expect," "intend," "will," "could,"
"optimistic," "can" and other similar expressions, constitute
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. In connection with certain
forward-looking statements contained in this release and those that
may be made in the future by or on behalf of Trump Entertainment
Resorts, Inc., the Company notes that there are various factors
that could cause actual results to differ materially from those set
forth in any such forward-looking statements.
The forward-looking statements contained in this release reflect
the opinion of management as of the date of this release and are
qualified by, and subject to, significant business, economic,
competitive, regulatory and other uncertainties and contingencies,
all of which are difficult or impossible to predict and many of
which are beyond the control of the Company. Accordingly, there can
be no assurance that the forward-looking statements contained in
this release will be realized. Readers are hereby advised
that developments subsequent to this release are likely to cause
these statements to become outdated with the passage of time or
other factors beyond the control of the Company. The Company
does not intend, however, to update the guidance provided herein
prior to its next release or unless otherwise required to do so.
Readers of this release should consider these facts in evaluating
the information contained herein. In light of the foregoing,
readers of this release are cautioned not to place undue reliance
on the forward-looking statements contained herein. Additional
information concerning the potential risk factors that could affect
the Company's future performance are described from time to time in
the Company's periodic reports filed with the SEC, including, but
not limited to, the Company's Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q. These reports may be viewed
free of charge on the SEC's website, www.sec.gov, or on the
Company's website, www.trumpcasinos.com.
SOURCE Trump Entertainment Resorts, Inc.