Credit Review

Trump gambles on casino debt swap plan The real-estate mogul has restructured his casino group's $1.8 billion of debt

In another roll of the dice to rescue his crumbling casino empire, Donald Trump has announced a bankruptcy reorganization plan in which bondholders will swap debt for a combination of equity, cash and new bonds. The plan will reduce Trump Hotels & Casino Resorts’ $1.8 billion debt by around $400 million and will save the company around $98 million in annual interest payments. Trump has also lined up UBS and Morgan Stanley to provide a $500 million working capital facility to allow

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