An attempt to buy two Trump casino resorts in Atlantic City for investor Carl Icahn took another twist on Tuesday as the deal was delayed yet again as a creditors' committee has been given more time to study the purchase proposal.
The committee has now been given until February 13th to review the documents and consider Icahn's proposal to purchase the Trump Taj Mahal and Trump Plaza casinos. Icahn and his investment group are currently the main lien holders for the casinos, as they have $285.6 million in notes, which it wants to exchange for ownership in the casino. The group has also put forth another $20 million loan proposal to keep the Taj Mahal's doors open.
The creditors' committee has opposed Icahn's plan to buy the casinos, as they note the proposal only offers unsecured creditors $1 million in cash and the ability to sue for less than half a percent of unsecured claims. It is estimated that those unsecured claims may be worth more than $232 million.
Casino Listings will update this story as more developments arise.