Trump Hotels has debts of £978m.
Filing for Chapter 11 protection will allow the company to restructure this debt, secure an extra $400m in funding and continue trading.
Auditors recently warned that the business might not be a going concern
The funding will be provided by investment giant Credit Suisse First Boston, which will see Trump’s holding in the company fall from 56% to 25%, according to an SEC filing.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens