Trump Entertainment Resorts, Inc. announced that it entered into a purchase agreement with Donald J. Trump and BNAC, Inc., an affiliate of Beal Bank Nevada, under the terms of which Trump and BNAC will invest $100 million cash in the newly private company and become its owners.
In connection with the Purchase Agreement, the Company and its partnership subsidiary also entered into a commitment letter with Beal Bank and Beal Bank Nevada to amend and restate the Beal Credit Agreement with the Partnership in order to restructure approximately $486 million in debt. Under the amended credit agreement, the maturity period for the repayment is extended until December 2020 from the existing maturity of 2012.
The Company’s chief executive, Mark Juliano, said, “The plan of reorganization that we filed is a significant event for our company because it includes an adjustment to our debt and the commitment of Mr. Trump and BNAC to invest new capital. As a private enterprise under the ownership of the Trump family and BNAC, the company will be well capitalized and positioned for success, and we are hopeful for the Court’s expeditious approval so that the new capital can start being invested.”
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