m8malay
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There are some 3,000 jobs at stake with the potential closing of the Trump Taj Mahal Hotel/Casino in Atlantic City and billionaire investor Carl Icahn, who already has a major stake in the property, wants to avoid the announced Dec. 12 closing.
Although he said he believed buying the property is “a bad investment for me,” Icahn has offered to pump another $5 million in debtor-in-possession financing to keep the place afloat.
But that will be up to the bankruptcy court in Delaware that has scheduled a hearing on the company’s Chapter 11 filing.
If approved, the property will be turned over to Icahn, and Icahn will cancel the $286 million he holds in company debt. It also would give him the opportunity to invest another $100 million to upgrade the facility.
But, this can only happen if he receives significant tax breaks from the state and city and gets support from the union by having it drop its appeal of a court order that ended health care and pension plans for workers.
As the AP’s Wayne Parry pointed out, the facility will see its cash dry up by the middle of January, if it were to continue to operate.
In a court filing, William Hardie III, of the investment bank advising property owner Trump Entertainment, said without Icahn’s $5 million, the company won’t be able to emerge from Chapter ll.
So far, neither the state nor the city has indicated any willingness to keep the property open by offering significant tax breaks.
Posted by :
For more information all of you can contact us at:
* QQ : 2813997455
* Skype : M8BOLA MALAYSIA
* We chat : M8BOLA_MY
Although he said he believed buying the property is “a bad investment for me,” Icahn has offered to pump another $5 million in debtor-in-possession financing to keep the place afloat.
But that will be up to the bankruptcy court in Delaware that has scheduled a hearing on the company’s Chapter 11 filing.
If approved, the property will be turned over to Icahn, and Icahn will cancel the $286 million he holds in company debt. It also would give him the opportunity to invest another $100 million to upgrade the facility.
But, this can only happen if he receives significant tax breaks from the state and city and gets support from the union by having it drop its appeal of a court order that ended health care and pension plans for workers.
As the AP’s Wayne Parry pointed out, the facility will see its cash dry up by the middle of January, if it were to continue to operate.
In a court filing, William Hardie III, of the investment bank advising property owner Trump Entertainment, said without Icahn’s $5 million, the company won’t be able to emerge from Chapter ll.
So far, neither the state nor the city has indicated any willingness to keep the property open by offering significant tax breaks.
Posted by :
For more information all of you can contact us at:
* QQ : 2813997455
* Skype : M8BOLA MALAYSIA
* We chat : M8BOLA_MY
