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.