Trump casinos to file bankruptcy protection; plan would strip Donald Trump's majority stake
He may be at the top of his game when it comes to reality TV -- but Donald Trump is having some trouble of his own in the boardroom. Trump Hotels and Casino Resorts plans to restructure under bankruptcy protection. The move strips the Donald of his majority stake in the debt-burdened company. Under the plan announced Monday, Trump and investment banker Credit Suisse First Boston will invest 400 (m) million dollars to help the struggling company. The money will help pay down its one-point-eight (b) billion dollars in debt and cut interest payments in half. Trump says he looks forward to the "recapitalized company being a major player in the evolving gaming industry."