Beal Bank has made a restructuring proposal for bankrupt Trump Entertainment Resorts’  Atlantic City casinos that would give it a 65% stake in the casinos company, the bank’s attorney said on Wednesday, reports Reuters. Dallas-based Beal introduced its plan about a week after Donald Trump abandoned his campaign to recover the properties bearing his name. Beal, which is owed around $486m, offered to convert $386m of loans it made to the casinos into equity of the company, and receive a $100m cash payment.

This entry was posted by Gwen Robinson on Thursday, November 26th, 2009 at 4:54 and is filed under Capital markets, M&A. Tagged with Beal Bank, Trump Entertainment Resorts. Edit this entry.