Casino-company restructuring agreement

2004-08-09

Casino-company restructuring agreement

partly-kept

Promised: 2015-08-06Trump said corporate bankruptcy law had produced advantageous outcomes for his companies, himself, employees, and family.Open cited record · 1 source
The record: 2004-08-09The company and creditor groups agreed to a restructuring framework that contemplated a Chapter 11 filing.Open cited record · 2 sources2004-08-09Creditors were positioned to receive control while Trump retained a reduced stake and a services arrangement.Open cited record · 2 sources
Who gained: Trump Hotels & Casino Resorts bondholders
Who paid: Donald Trump
Audit finding: partly kept
The agreement transferred substantial control to creditors while preserving compensation and a continuing role for Trump.
Causal strength: documented mechanism

Evidence chronology

promise2015-08-06documented
Trump said corporate bankruptcy law had produced advantageous outcomes for his companies, himself, employees, and family.
- The American Presidency Project: Republican Candidates Debate in Cleveland, Ohio2015-08-06 · Exchange about Trump-controlled companies' bankruptcy filings
Open underlying ledger entry
action2004-08-09documented
The company and creditor groups agreed to a restructuring framework that contemplated a Chapter 11 filing.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
- The New York Times via U.S. House Judiciary Committee record: How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions2016-06-11 · Pages 2-9: financing, related transactions, bankruptcies, and outcomes
Open underlying ledger entry
outcome2004-08-09documented
Creditors were positioned to receive control while Trump retained a reduced stake and a services arrangement.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
- The New York Times via U.S. House Judiciary Committee record: How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions2016-06-11 · Pages 2-9: financing, related transactions, bankruptcies, and outcomes
Open underlying ledger entry
limitation2004-08-09documented
The agreement required court approval and did not itself complete the restructuring.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
Open underlying ledger entry

Responses, legal status, contrary evidence, and limitations

limitation
The agreement required court approval and did not itself complete the restructuring.