Trump Hotels files for bankruptcy protection
The flagship hotel group owned by Donald Trump, the flamboyant US billionaire, is to enter into bankruptcy protection after building up debts approaching £1bn.
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.