Spoken like a true Bankster:
“No one wants the town or village they live in to end up like Racine”.
Details About the 6 Trump Corporate Bankruptcies
6 Corporate Bankruptcies
Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey’s gambling facilities.
He also entered a Manhattan hotel and two casino holding companies into bankruptcy.
Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court.
Chapter 11 is often called “reorganization” because it allows the business to emerge from the process more efficient and on good terms with its creditors.