WASHINGTON -- A bankruptcy court Monday blessed an agreement between Donald Trump and shareholders of Trump Hotels & Casino Resorts Inc. on reorganizing the company.
Many of the objections raised over the plan, which shareholders viewed as enriching majority stakeholder Donald Trump, were addressed in an amended version of the plan filed Sunday with the U.S. Bankruptcy Court in Camden, N.J.
Judge Judith Wizmur approved the disclosure statement, moving the company a step closer to exiting bankruptcy protection.
Trump Hotels, which operates three Atlantic City casinos and a riverboat in Gary, Ind., filed Chapter 11 on Nov. 21, citing $1.8 billion in debt.
Under the latest plan, Trump will continue to serve as the company's chairman, which will be renamed Trump Entertainment Resorts Holdings LP
The new plan quashes an agreement that would have paid Trump a base salary of $1.5 million a year, plus a possible $1.5 million bonus.
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