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Beal Bank makes play for Trump casinos

NEW YORK
Wed Nov 25, 2009 10:38pm EST

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NEW YORK (Reuters) - Beal Bank has made a restructuring proposal for bankrupt Trump Entertainment Resorts' (TRMPQ.PK) Atlantic City casinos that would give it a 65 percent stake in the casinos company, the bank's attorney said on Wednesday.

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Dallas-based Beal Bank introduced its plan about a week after Donald Trump abandoned his campaign to get back the properties bearing his name.

Beal Bank, which is owed around $486 million, offered a New Jersey bankruptcy judge and Trump Entertainment to convert $386 million of loans it made to the casinos into equity of the company, and receive a $100 million cash payment, attorney Thomas Lauria said.

Under Beal Bank's proposal, other creditors of Trump Entertainment would receive a 35 percent stake in the company, Lauria said.

Trump Entertainment was not available for comment.
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