WILMINGTON, Del. — A Delaware bankruptcy judge is allowing a company that owns two Atlantic City casinos to continue operations. For now.
The judge on Wednesday allowed Trump Entertainment Resorts to remain operating temporarily using cash owed to the company’s sole owner, billionaire Carl Icahn.
The judge also allowed the company to continue paying vendors and employees as it works on a debt restructuring to avoid closing its Taj Mahal Casino Resort.
The company, whose Trump Plaza resort is closing in a week, sought bankruptcy protection Tuesday and has threatened to close the Taj Mahal in November if it doesn’t win concessions from union workers.
Following a previous bankruptcy filing in 2009, Icahn became the company’s senior secured lender. As of Tuesday’s filing, he is owed more than $285 million plus unpaid interest.
BY RANDALL CHASE, AP Business Writer