Carl Icahn Partners with Andrew Beal in Trump Entertainment Resorts Bankruptcy Restructuring
Trump Entertainment Resorts filed for Chapter 11 bankruptcy in 2009, owing $1.2 billion. Initially, Trump worked with Avenue Capital Management to restructure the company, rejecting an earlier partnership with Andrew Beal’s Beal Bank. Carl Icahn then purchased 51% of Beal Bank’s first lien lender claims, inserting himself into the complex bankruptcy proceedings. Trump fought to maintain control of his brand’s use in the properties, ultimately securing 5% stock and continued naming rights through an agreement with Avenue Capital.
Key Actors
Sources (3)
Help Improve This Timeline
Found an error or have additional information? You can help improve this event.
Edit: Opens GitHub editor to submit corrections or improvements via pull request.
Suggest: Opens a GitHub issue to propose a new event for the timeline.