Beal Bank Makes Play for Trump Casinos
November 25, 2009, Reuters

Dallas-based Beal Bank has made a restructuring proposal for bankrupt Trump Entertainment Resorts' Atlantic City casinos that would give it a 65 percent stake in the company.

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.