Trump Entertainment Resorts Inc.’s restructuring plan hinges on billionaire Carl Icahn’s lender affiliates investing as much as $100 million and taking control of the company — if the Atlantic City, N.J., casino operator can get union concessions and tax breaks, Bloomberg News reported today. The company, which is trying to avoid closing its Taj Mahal casino next month, filed a restructuring plan in U.S. Bankruptcy Court in Wilmington, Delaware, yesterday. Secured lenders controlled by Icahn would get 55 percent of the new equity and new debt for $292.2 million in claims under the plan. Approval of the plan is the “best opportunity” to emerge from bankruptcy and save thousands of jobs, Trump Entertainment lawyers said in the disclosure statement describing the plan. Lenders would make a $100 million equity investment if the company can reach a new labor agreement cutting costs and persuade local and state governments to reduce property taxes, according to court documents.
