New York Daily News, 8/11/04..... "The casino company that bears Donald Trump's 24-karat name is heading for bankruptcy next month - but Trump sees no shame in it. "It doesn't matter - it's a modern-day thing, a legal mechanism," he told the Daily News.
Instead, Trump said he's "really happy" with the restructuring agreement Trump Hotels & Casino Resorts has made with its largest group of bondholders, which paves the way for a $345 million investment from Credit Suisse First Boston. The plan will be carried out through a pre-negotiated Chapter 11 proceeding. A hefty $1.8 billion in debt will be cut by $544 million, and the interest rate on it will drop to 7.875% from about 12% - putting Trump Hotels on an equal footing with competitors. It will get a $500 million line of credit to renovate aging Atlantic City properties, build a new tower at Trump Taj Mahal and expand to Las Vegas. "It becomes a whole different company," Trump said. Analysts said the deal that's been crafted is potent enough medicine to heal cash-starved Trump Hotels." Vicky here: You see, there's no shame in it. Just force those rich bondholders to take the hit. No problem. Wipe those debts off the books and Minneapolis will once again be rolling in cash. Vicky Heller North Oaks and Cedar Riverside REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
