Throwing the dice on another plan to save his casino empire, Donald J. Trump announced a bankruptcy reorganization Thursday under which he would give bondholders a stake but remain as chairman and CEO.
Under the plan, Trump will invest $71 million of his own money in Trump Hotels & Casino Resorts as part of a restructuring in which bondholders would exchange about $575 million in debt for an equity stake in the casino company.
The move, which would reduce Trump's personal stake in the company from 56 percent to about 27 percent, would reduce its debt by $400 million and save it about $98 million annually in interest payments, according to Trump, who would stay atop the company and its biggest individual stockholder.
The plan still must be approved in court by bondholders, but Trump said an "overwhelming majority" had agreed to it.
"This is the one we wanted," Trump said in an interview. "Everyone's happy. It's been a really friendly deal."