BusinessBusiness RecoveryTrump Hotels files for bankruptcy protection

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.

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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.

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