Donald Trump, plans a prepackaged chapter 11 filing that will transfer control of the company to an investment subsidiary of Credit Suisse First Boston.
The recapitalization, expected for months amid the intensifying competition between Atlantic City casinos, is intended to cut Trump Hotels' total outstanding debt to $1.25 billion from its current $1.8 billion. The bankruptcy petition, which is expected to be filed before the end of September, will not result in the impoverishment of Mr. Trump, whose primary asset is a real estate development company called The Trump Organization.
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