Word: payments
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Dates: during 1990-1999
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Donald Trump showed his bankers last week that he can still play a mean game of chicken. The embattled developer disclosed that he failed to pay at least $30 million that was due Friday on bonds issued by his Trump Castle casino in Atlantic City. His missed payment could lead to default, which in turn could push all or part of Trump's holdings into bankruptcy. He knows his bankers want to avoid that, since it could leave them with a lot of hard-to-sell real estate in New York and New Jersey...
Trump, who has a ten-day grace period to make his bond payment, may be trying to increase the pressure on his bankers in their negotiations to restructure his $2 billion debt load. Four major New York City banks have already agreed on a proposal that would extend him an additional $60 million to meet payment deadlines. But some of the smaller New Jersey banks reportedly balked at the terms because they felt they were taking on too much risk under the new arrangement...
...drawn its hard-currency reserves so low that many bills for imported goods remain unpaid, which is quickly eroding the country's credit rating. "We're now advising firms to do business here only if they have a letter of credit or some other cast-iron guarantee of payment beforehand," said the commercial attache of a Western embassy in Moscow. No mention of whether there is a charge for that letter of credit...
...received substantial help from a declining currency, which has made American goods less expensive overseas. Since 1985, the dollar has fallen 43% against major world currencies. American firms have also shown greater flexibility in negotiating trade deals. More U.S. companies are willing to barter or accept payment in local currency instead of dollars, notes consultant Matt Schaffer of Sand Point, Idaho, author of The Countertrade...
Accusations of wrongdoing paralyzed the board and Romano, who believed that the payment was improper, became factionalized and isolated for what he says was the first time of his life. He lost control of the administration and failed to find a path out of the crisis...