From the WSJ:
Donald Trump, whose name is synonymous with Atlantic City gambling, abandoned his bid to regain control of the three New Jersey casinos that bear his name.
He and his daughter Ivanka Trump reached a settlement with a group of creditors they were battling for control of Trump Entertainment Resorts, which filed for bankruptcy protection in February. Under the deal, the Trumps will drop a $116 million bid for the casinos they had been making with Beal Bank, the company’s largest secured lender.
The noteholders’ reorganization plan will still need to be approved by the bankruptcy court. A confirmation hearing is scheduled for January.
The Trump Organization, the family’s privately held company, could receive as much as a 10% stake in the reorganized company. In addition, the three Atlantic City casinos—the Trump Taj Mahal, Trump Plaza and Trump Marina—would continue to use the Trump name and the likenesses of Mr. Trump and his daughter in marketing efforts. And Mr. Trump would have the right to use his name in gaming operations outside the region that surrounds Atlantic City.
Mr. Trump began developing casinos in the 1980s. This is the third time they were forced to seek bankruptcy protection. Mr. Trump held roughly a 30% stake in the company when it filed for Chapter 11 protection in February.