Trump Entertainment Resorts said that it expects to close down the Trump Taj Mahal resort/casino in Atlantic City, N.J., by Dec. 12, according to an amended disclosure statement filed in the bankruptcy court overseeing the company’s chapter 11 case, Forbes.com reported yesterday. Separately, the unsecured creditors’ committee in the case has filed a motion on Nov. 14 seeking to terminate the company’s exclusive period to file a reorganization plan so that the panel could file its own plan for the company. The committee’s plan would transfer the collateral securing the company’s first-lien debt to the company’s first-lien lender, (a lender controlled by Carl Icahn), pay administrative and priority claims out of the company’s $30 million of cash on hand, and transfer the company’s remaining assets (including excess cash and causes of action) to a liquidating trust for distribution to unsecured creditors (which would include Icahn’s first-lien deficiency claim).
