Trump Entertainment eyes $20 million financing offer from Icahn to keep Taj Mahal casino open

Industries Associated Press

Trump Entertainment Resorts says a new $20 million pledge by billionaire investor Carl Icahn will give it time to restructure while keeping the struggling Taj Mahal casino open.

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Trump attorneys said Monday that Icahn's proposal, $15 million more than his previous bankruptcy financing offer, runs through Dec. 31, 2015.

It also comes without some of the conditions upon which Icahn had insisted as part of a plan that would transfer ownership of the Atlantic City, New Jersey casino to him.

The revised plan omits a demand for $175 million in state and local tax relief, but it also eliminates a pledge by Icahn, who holds $288 million in secured Trump Entertainment debt, to pump $100 million into the company.

A hearing on the latest proposal is set for Jan. 9.