Trump casinos must revamp debt in days

Property tycoon Donald Trump's casino empire has today been given until 21 January to negotiate a debt restructuring after it missed an interest payment.

Trump Entertainment Resorts, which was founded by "The Apprentice" billionaire who still controls about 28% of the company, skipped a $53 million (£35.9 million) coupon payment due on 1 December, saying it needed to conserve cash.

Gambling revenue in its home base of Atlantic City fell nearly 7% in 2008.

The new deal means holders of most of its $1.25 billion in notes and Beal Bank Nevada, which it owes $490 million, will not exercise their default rights for at least another three weeks.

An earlier 30-day grace period to make an interest payment or renegotiate terms with bondholders expired this week.

The firm said the restructure is not a foregone conclusion.

It "remains in discussions with its lenders and certain noteholders regarding a possible restructuring of the company's capital structure", the company said in a filing.

"There can be no assurance that any agreement with respect to any restructuring will be reached."