Donald Trump Business Bankruptcies. A Summary.

20 Jan Donald Trump Business Bankruptcies. A Summary.

Trump Taj Mahal

Did Donald Trump ever file for bankruptcy?  The answer is no, he has never filed a personal bankruptcy, but his business interests have sought Chapter 11 bankruptcy protection on six occasions.

Chapter 11 is a reorganization, normally of a large business.  Click here for a list of Chapter 11 bankruptcies of major companies.

July 16, 1991.  The Trump Taj Mahal. 

Trump Taj Mahal Associates.  Case No. 91-13321.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

It has been suggested that this first bankruptcy may have been the most personally financially damaging to Donald Trump.  He funded the $1 billion construction cost of the Trump Taj Mahal casino in Atlantic City, N.J., by selling bonds with a 14 percent return in interest.

As part of the Chapter 11 reorganization, Donald Trump gave up half his personal stake in the casino and sold his yacht and personal airplane.

 March 9, 1992.  Trump Castle Associates.

Trump Castle Associates.  Case No. 92-11191.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Within a year of the Taj Mahal Chapter 11 filing, Trump Castle filed a Chapter 11 bankruptcy for Trump Castle, which had opened in 1985.

It has been said that the reason for the Trump Castle bankruptcy was the result of financial losses were from serious competition from another casino:

The Trump Taj Mahal.

Donald Trump gave up his 50 percent share in the casino for lower interest rates on bonds.

Trump Plaza Sign

1992.  Trump Plaza and Casino.

The Trump Plaza Hotel and Casino in Atlantic City declared bankruptcy at the same time as the Trump Castle. The casino was a joint project with Harrah’s.

 1992.  Plaza Hotel.

 In 1988 The Trump Organization, a privately-owned entity, purchased the Plaza Hotel in Manhattan. By 1992 the hotel had more than $550 million in debt.

To achieve the refinancing of the debt Donald Trump relinquished a 49 percent stake in the Plaza to a total of six lenders

While Mr. Trump remained the hotel’s CEO, it has been reported that he did not earn a salary and was not involved in the hotel’s day-to-day operations.

 2004.  Trump Hotels and Casinos Resorts.

Trump Hotels and Casinos Resorts filed for bankruptcy in 2004.  At the time of the filing, several Trump casinos and a riverboat casino had incurred estimated debt of $1.8 billion.

Mr. Trump agreed to reduce his share in the company from 47 percent to 27 percent, but he remained the company’s largest single shareholder and remained in charge of its operations.

Trump Plaza

February 17, 2009.  Trump Entertainment Resorts, Inc.

Trump Entertainment Resorts, Inc.  Case No. 09-13655.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Trump Entertainment Resorts Holdings, L.P.  Case No. 09-13656.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Trump Entertainment Resorts Development Company, LLC.  Case No. 09-13659.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Trump Taj Mahal Associates, LLC.  Case No. 09-13660.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Trump Plaza Associates, LLC.  Case No. 09-13661.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Trump Marina Associates, LLC.  Case No. 09-13662.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

TER Development Co., LLC.  Case No. 08-13664.  Chapter 11.  United States Bankruptcy Court for the District of New Jersey.

Multiple bankruptcies were filed by various Trump entities and were consolidated into one proceeding.

Because of the 2008 economic recession Trump Entertainment Resorts (formerly Trump Hotels and Casinos Resorts) and announced that it would not be able to make a $53.1 million bond interest payment in December 2008.

Mr. Trump resigned as the company’s chairman, but he maintained a 10 percent in the company. The company also continued to use Trump’s name in licensing.

September 9, 2014.  Trump Entertainment Resorts, Inc.

Trump Entertainment Resorts, Inc.  Case No. 14-12103.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

Trump Entertainment Resorts Development Company, LLC. Case No. 14-12108.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

Trump Entertainment Resorts Holdings, L.P.  Case No. 14-12104.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

Trump Marina Associates, LLC.  Case No. 14-12106.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

Trump Plaza Associates, LLC.  Case No. 14-12105.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

Trump Taj Mahal Associates, LLC.  Case No.14-12107.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

TER Development Co., LLC.  Case No. 14-12109.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

TERH LP, Inc.  Case No. 14-12110.  Chapter 11.  United States Bankruptcy Court for the District of Delaware.

In September 2014, Trump Entertainment Resorts again filed for Chapter 11 bankruptcy, and closed the Trump Plaza.

The company exited bankruptcy in February 2016 and became a subsidiary of Ichan Enterprises, which is a company with various investments which include casinos.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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