Property tycoon Donald Trump has learned he will remain boss of his troubled TRUMP HOTELS + CASINO RESORTS INC, which is expected to file for bankruptcy imminently.

The company, which has been on the brink of financial collapse for some time, says a majority of bondholders have approved a debt restructuring plan which will allow Trump to remain the company's chairman and chief executive.

The plan calls for Trump Hotels to file a pre-negotiated Chapter 11 bankruptcy plan to gain court and creditor approval for the deal, which involves bondholders swapping some $1.8 billion (GBP1 billion) in existing debt for new debt and equity.

The move will cut debt by $400 million (GBP225 million) and save $98 million (GBP55 million) annually.

22/10/2004 19:30