Attached files
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8-K - FORM 8-K - TRUMP ENTERTAINMENT RESORTS, INC. | mm04-1610_8k.htm |
EXHIBIT
99.1
NEWS
RELEASE
|
INVESTOR
CONTACT:
John
Burke, Chief Financial Officer
(212)
891-1503
|
MEDIA
CONTACT:
Tom
Hickey
(646)
755-9710
|
U.S.
BANKRUPTCY COURT CONFIRMS THE TRUMP ENTERTAINMENT RESORTS PLAN OF
REORGANIZATION
ATLANTIC
CITY, NJ – April 12, 2010 – Trump Entertainment Resorts, Inc. (Pink OTC: TRMPQ)
(the “Company”) announced today that the Honorable Judge Judith Wizmur of the
United States Bankruptcy Court for the District of New Jersey (the “Court”)
entered an order confirming the Plan of Reorganization supported by the Company
and the Ad Hoc Committee of the Company’s bondholders (the “Plan”).
In
considering the ruling, Judge Wizmur heard and reviewed extensive testimony and
documents from the Company and the Ad Hoc Committee, as well as from Icahn
Partners, which filed a competing plan that was not confirmed by the
Court. The Company expects final emergence from reorganization later
this year, upon regulatory approval.
Avenue
Capital Group served as the lead bondholder throughout the reorganization
process, and will become the largest shareholder in the Company upon
emergence. The Plan confirmed by the Court was also supported by
Donald J. Trump and his daughter, Ivanka Trump.
Under the
confirmed plan $225 million of new equity will be injected into the Company and
the Company will benefit from improved liquidity and capital
resources. Additionally, the Company will be able to retain the Trump
brand for Atlantic City operations.
Marc
Lasry, the chairman and chief executive officer of Avenue Capital Group, noted:
“We are making this investment into this company because we firmly believe in
the future of the gaming business in Atlantic City and the strength of the Trump
brand. Despite the tough effects of the economic downturn, the fact
remains that the attributes that make Atlantic City special have not
changed. The incredible proximity to an extensive customer base
coupled with a productive regulatory structure creates a promising business
opportunity for this company that will be financially stronger than ever upon
emergence.”
Donald J.
Trump, the founder of the predecessor companies to Trump Entertainment Resorts,
commented: “This is a great victory for Atlantic City and the
company. I have always believed in Atlantic City and am happy that
this decision will mark my return to the business that bears my name and is one
that I care deeply about. Since I opened Trump Plaza over twenty-five
years ago, I have always thought that through smart investments we could create
a truly special and vibrant resort on the Atlantic Ocean. We have a
company with a solid balance sheet, enthusiastic ownership and dedicated
management, and I am enthusiastic about the future.”
Mark
Juliano, the chief executive officer of Trump Entertainment Resorts, said today:
“We are excited about the future of our company, and thank our team for their
continued dedication through this difficult process. Now, we are on
the verge of emerging as a stronger company with new capital resources and a
shared vision for the future with our new ownership and Mr. Trump. We
have a great team in place that is set to benefit from the changes we have made
through this reorganization that create a platform for growth and
prosperity.”
Trump
Entertainment Resorts, Inc. owns, through its interest in Trump Entertainment
Resorts Holdings, LP, and operates three casino resort properties: Trump Taj
Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk
in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic
City's Marina District.
PSLRA Safe Harbor for
Forward-Looking Statements and Additional Available
Information
The
Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements so long as those statements are identified as
forward-looking and are accompanied by meaningful cautionary statements
identifying important factors that could cause actual results to differ
materially from those projected in such statements. All statements and
information concerning plans, expectations, estimates and beliefs, as well as
other statements including words such as "intend," "anticipate," "believe,"
"plan," "estimate," "expect," will," "could," "optimistic," "can," "strategy"
and other similar expressions, constitute forward-looking statements under the
Private Securities Litigation Reform Act of 1995. In connection with certain
forward-looking statements contained in this release and those that may be made
in the future by or on behalf of the Company or the Issuers, the Company and the
Issuers note that there are various factors that could cause actual results to
differ materially from those set forth in any such forward-looking statements.
The forward-looking statements contained in this release reflect the opinion of
management as of the date of this release and are qualified by, and subject to,
significant business, economic, competitive, regulatory and other uncertainties
and contingencies, all of which are difficult or impossible to predict and many
of which are beyond the control of the Company and the Issuers. Accordingly,
there can be no assurance that the forward-looking statements contained in this
release will be realized. Readers are hereby advised that developments
subsequent to this release are likely to cause these statements to become
outdated with the passage of time or other factors beyond the control of the
Company and the Issuers. The Company and the Issuers do not intend, however, to
update the guidance provided herein prior to its next release or unless
otherwise required to do so. Readers of this release should consider these facts
in evaluating the information contained herein. In light of the foregoing,
readers of this release are cautioned not to place undue reliance on the
forward-looking statements contained herein. The Registrants disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events and/or otherwise.
Additional information concerning the potential risk factors that could affect
future performance are described from time to time in the Company's periodic
reports filed with the SEC, including, but not limited to, the Company's Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be
viewed free of charge on the SEC's website, www.sec.gov, or on the Company's
website, www.trumpcasinos.com.
###