Carl Icahn Partners with Andrew Beal in Trump Entertainment Resorts Bankruptcy Restructuring

confirmed Importance 8/10 ~1 min read 3 sources 6 actors

Trump Entertainment Resorts filed for Chapter 11 bankruptcy in 2009, owing $1.2 billion. Initially, Trump worked with Avenue Capital Management to restructure the company, rejecting an earlier partnership with Andrew Beal’s Beal Bank. Carl Icahn then purchased 51% of Beal Bank’s first lien lender claims, inserting himself into the complex bankruptcy proceedings. Trump fought to maintain control of his brand’s use in the properties, ultimately securing 5% stock and continued naming rights through an agreement with Avenue Capital.

Sources & Citations

[1] Inside the rocky relationship of billionaires Trump and Icahn Tier 2

[2] Icahn Agrees to Buy Debt of Trump's Casino Company · Dec 11, 2009 Tier 2

[3] Icahn Buys Bankrupt Trump Casino's Debt From Beal · Dec 11, 2009 Tier 2

Tiers Tier 1 court records & gov docs · Tier 2 established outlets · Tier 3 regional & specialty press · Tier 4 opinion or single-source. Methodology →

Cite this entry

The Cascade Ledger. “Carl Icahn Partners with Andrew Beal in Trump Entertainment Resorts Bankruptcy Restructuring.” The Capture Cascade Timeline, January 1, 2009. https://capturecascade.org/event/2009-01-01--carl-icahn-partners-with-andrew-beal-in-trump-ente/