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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (19519)	12/25/2004 12:19:33 PM
From: RealMuLan	Read Replies (1) of 116555

Trump hotels arranges post-bankruptcy financing Thu Dec 23, 2004 06:18 PM ET LOS ANGELES, Dec 23 (Reuters) - Trump Hotels & Casino Resorts Inc. (DJTC.OB: Quote, Profile, Research) has arranged $500 million in financing for when it emerges from Chapter 11 bankruptcy, the company said in a regulatory filing on Thursday. The casino operator, which filed for bankruptcy protection last month, said Morgan Stanley Senior Funding Inc., UBS Loan Financing LLC and UBS Securities LLC have committed to the working capital loan. Last week, a New Jersey bankruptcy judge gave interim approval to a $100 million credit line from Beal Bank under which the company can continue operations. Shareholders, however, have until Monday to file requests with the U.S. Trustee to form an official committee of equity holders to object to the plan. Under the restructuring -- negotiated with bondholders before the casino operator filed for Chapter 11 bankruptcy protection last month -- bondholders will own about two-thirds of the company and Donald Trump's stake would shrink to about 27 percent from 56 percent. The real estate magnate would remain chairman and chief executive. The plan calls for holders of about $1.8 billion of notes to exchange them for about $74 million in cash, along with $1.25 billion of new 10-year notes and about $385 million worth of common stock. Trump will make a $55 million cash equity investment and convert $16.4 million of debt he owns into common stock. reuters.com

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