A Delaware judge has approved $20 million in new bankruptcy financing for Trump Entertainment Resorts from billionaire investor Carl Icahn as the company continues to work to keep the struggling Taj Mahal casino in Atlantic City, New Jersey, open.
The judge approved the debtor-in-possession financing Wednesday over the objection of the company's unsecured creditors committee, which argued that it came with too many strings and would give Icahn more control over Trump Entertainment's fate than he already has.
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Icahn is Trump's senior secured lender and is owed more than $285 million plus outstanding interest on its collateralized debt. Trump Entertainment's plan calls for Icahn to exchange his secured debt for 100 percent of the stock in the reorganized company.