Trump Hotels files for bankruptcy protection

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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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