DLJ, Trump terminate investment

The hotel and casino company led by Donald Trump turns down a $400m equity investment from DLJ Merchant Banking, designed to keep Trump’s company out of bankruptcy.

Trump Hotels & Casino Resorts has announced a decision not to move forward with a proposed investment from private equity firm DLJ Merchant Banking Partners.

Last month, the private equity division of CSFB agreed to inject $400 million (€325 million) into the debt-laden hotel and casino holding company.

Trump Hotel & Casino Resorts is led by famed New York developer Donald Trump, who currently enjoys extra exposure through a reality TV show, “The Apprentice.”

The most recent statement notes a “mutual agreement” to terminate discussions. Trump, who is a 56.4 percent beneficial owner of the common stock, said he will now confer with bondholders may pursue a privatisation of the company.

Trump owns, among other properties, the Taj Majal casino in Atlantic City, New Jersey.

In last month’s announcement, Trump said: “I look forward to our recapitalized company being a major player in the evolving gaming industry.”