NEW YORK, 2 November 2004 LAWFUEL – Law, legal, attorney news Weil, Gotshal & Manges LLP, one of the world’s leading law firms, represented a group of bondholders of Trump Atlantic City Associates’ First Mortgage Notes due 2006 ($1.3 billion principal amount), in connection with the recapitalization of the Trump Hotels & Casino Resorts, Inc. pursuant to a plan of reorganization.
As announced on October 21, 2004, Trump Hotels & Casino Resorts, Inc., Donald J. Trump and holders of approximately 57% of Trump Atlantic City Associates’ First Mortgage Notes due 2006, approximately 68% of Trump Casino Holdings, LLC’s First Priority Mortgage Notes due 2010 and approximately 81% of Trump Casino Holdings, LLC’s Second Priority Notes due 2010 entered into a support agreement in connection with the recapitalization of the Company pursuant to a plan of reorganization.
As part of the Plan, Donald J. Trump, who will remain the Company’s Chairman and Chief Executive Officer, will invest approximately $71.4 million into the recapitalized Company. Mr. Trump’s investment will consist of a $55 million cash equity investment and the conversion of approximately $16.4 million principal amount of TCH Second Priority Notes owned by him into shares of the recapitalized Company’s common stock. Upon consummation of the Plan, Mr. Trump is expected to remain the largest individual stockholder of the Company, with beneficial ownership of approximately 27% of the Company’s common stock.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,100 attorneys, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Shanghai, Silicon Valley, Singapore, Warsaw, Washington, D.C. and Wilmington.