Company delays date of exiting bankruptcy to May 20

Thursday, May 12, 2005 | 9:14 a.m.

Trump Hotels & Casino Resorts Inc. plans to emerge from bankruptcy on or about May 20, 8 days later than expected.

Trump Hotels previously had said it would emerge from bankruptcy protection today. The company provided no reason for the delay in a statement. Trump Hotels owns three casinos in Atlantic City, New Jersey, where it's based, and a riverboat casino in Indiana.

The reorganized company, Trump Entertainment Resorts Inc., will cut its debt by $400 million and lower interest rate payments. The company filed for bankruptcy protection in November after losing money for nine years because high interest payments prevented it from refurbishing and expanding its casinos.

The company is led by Chief Executive Donald Trump, who is also a real estate developer.

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