Grok,
List all of Donald Trump’s bankruptcies:
Donald Trump has never filed for personal bankruptcy, but his businesses have filed for Chapter 11 bankruptcy protection six times. Below is a list of these corporate bankruptcies, based on available information:
- Trump Taj Mahal (1991)
- Details: The Trump Taj Mahal, a casino in Atlantic City, opened in April 1990 and was financed with $675 million in junk bonds at a 14% interest rate. By 1991, it defaulted on interest payments and filed for Chapter 11 bankruptcy due to inability to cover construction costs and operational expenses amid a recession. Trump ceded 50% ownership to bondholders, sold his yacht and airline, and negotiated lower interest rates to keep the casino operational.
- Trump Plaza Hotel and Casino (1992)
- Details: The Trump Plaza Hotel and Casino in Atlantic City filed for Chapter 11 bankruptcy in 1992, burdened by over $550 million in debt. Trump relinquished a 49% stake to lenders for better repayment terms, retaining his role as CEO but with limited control over operations.
- Trump Castle Hotel and Casino (1992)
- Details: Also in 1992, the Trump Castle (later Trump Marina) in Atlantic City filed for Chapter 11 bankruptcy due to excessive debt and economic challenges from the early 1990s recession and Gulf War. This was part of a broader restructuring of Trump’s casino holdings.
- Plaza Hotel (1992)
- Details: The Plaza Hotel in New York, acquired by Trump in 1988 for $390 million, filed for Chapter 11 bankruptcy in 1992 after accumulating $550 million in debt. Trump gave up a 49% stake to lenders in exchange for more favorable debt terms, losing significant control over the property.
- Trump Hotels and Casino Resorts (2004)
- Details: Trump Hotels and Casino Resorts, which consolidated Trump’s casino properties, filed for Chapter 11 bankruptcy in 2004 with $1.8 billion in debt. The restructuring reduced Trump’s ownership from 47% to 27%, cut $500 million in debt, and lowered annual interest payments by $102 million. Trump remained the largest shareholder and retained control of the casinos.
- Trump Entertainment Resorts (2009)
- Details: Trump Entertainment Resorts, the restructured entity from the 2004 bankruptcy, filed for Chapter 11 again in 2009 after missing a $53.1 million bond payment, with $1.2 billion in debt. Trump resigned as chairman, reduced his ownership to 10%, and later sued to remove his name from the casinos, citing their poor condition.
Notes:
- These bankruptcies were all Chapter 11 filings, allowing the businesses to reorganize and continue operating while restructuring debt, unlike Chapter 7, which involves liquidation.
- Trump has stated he used bankruptcy laws strategically to protect his businesses, arguing it was a common and effective tool for restructuring debt. Critics, however, point to mismanagement and over-leveraging as causes, noting losses to creditors, shareholders, and small businesses.
- There is some debate over the count (four vs. six bankruptcies), as Trump has suggested grouping the three 1992 filings as one event. However, each filing had a unique case number, confirming six distinct bankruptcies.
- Posts on X and various sources consistently list these six bankruptcies, though some mistakenly claim personal bankruptcy or exaggerate the number.
This list reflects the most accurate and corroborated information from the provided sources. If you need further details on any specific bankruptcy, let me know!