Only days after Trump Entertainment Resorts Inc.’s chairman, Donald J. Trump, stepped down, the company announced that it filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.
“We are focused on our goal of successfully restructuring our company to reduce our debt in order to strengthen our balance sheet during this difficult economic period,” said Mark Juliano, the company's chief executive, in a statement.
Mr. Juliano added that the filing would have no immediate effect on Trump Entertainment's daily operations or on its operating structure or philosophy.
Trump Entertainment said it has requested court approval to continue to pay its vendors in the normal course of business.
Additionally, the company, which owns and operates three casino resort properties in Atlantic City, said it has adequate cash resources to fund its ongoing business operations.