Company will pay $17.5M to stockholders, hopes deal will allow it to emerge from bankruptcy in May.
Trump Hotels & Casino Resorts Inc. said Monday its recapitalization plan will be supported by its equity committee, the group representing its investors as the company works to emerge from Chapter 11.
The deal requires the company to make a $17.5 million cash payment to its unaffiliated stockholders. Trump Hotels believes the equity committee's support of the plan will help it emerge from bankruptcy by the beginning of May 2005 -- in keeping with its previous timeline.
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Source - CNN
