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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children