Word: trumps
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...deal of his life, Trump won his battle to avoid bankruptcy last week but was forced to give his bankers financial control over his empire and his purse strings. A total of 77 lenders agreed in principle to give him a five- year, $65 million cash infusion to enable the overleveraged tycoon to meet a $43 million interest payment on junk bonds issued to finance Trump's Castle Hotel and Casino in Atlantic City. Failure to make the payment could have pushed the developer's holdings into a chain reaction of defaults. "This is a deal that will go down...
...rescue, which included an agreement to suspend interest payments on $850 million of Trump's loans, put the flamboyant developer on a short leash. Trump agreed to submit his business decisions to the banks for review and promised to hire a chief financial officer to scrutinize the Trump Organization, which manages his holdings. "Trump won't have to get permission to go to the toilet, but on anything else he'll have to ask the banks," quipped a Wall Street expert familiar with the deal...
Even worse for Trump's ego, the big spender will have to subsist on a % monthly allowance, which bankers will supervise. Instead of the staggering $583,000 that he spent on food, shelter and other living expenses in May, Trump will be required to limit himself to a merely stupendous $450,000 a month for the rest of 1990. His allowance will shrink to $375,000 in 1991 and a stingy...
Much of the money covers the upkeep on his three Pharaonic homes. The annual maintenance for Trump's 45-room spread in Greenwich, Conn., comes to an estimated $400,000. His Mar-a-Lago estate in Palm Beach, Fla., costs about $1 million a year to run. His allowance will also have to cover $650,000 in annual support payments for his estranged wife Ivana and their three children. Exempted from the budget is Trump's fancy transportation, which is up for sale: his $30 million yacht, the 282-ft. Trump Princess (he says he wants $115 million...
Bankers went along with the agreement, which amounts to a privately arranged bankruptcy, in the hope that the value of Trump's properties will rise. Trump could then sell many of his holdings to raise cash to repay his loans. But if the depressed Northeastern real estate market fails to improve, Trump could still wind up in bankruptcy court...