no trustee used in the pre-packaged bankruptcy deal Trump made
A "prepackaged" bankruptcy petition, in which the majority of creditors and the debtor had already agreed on a plan that needed the court's approval, was approved in Federal bankruptcy court yesterday. As part of the petition, Mr. Trump must insure that the casino meets projections for earnings and performance in order to keep control of the company's board.
As part of a settlement with bondholders. Mr. Trump agreed to cede 50 percent of the equity in the casino to bondholders in exchange for lowered interest rates on the debt and more time to pay it off.
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