BANKRUPTCY: In Deep Water But Afloat

In Deep Water But Afloat

The self-proclaimed King of the Deal managed to stave off disaster again -- but for how long? Last week Donald Trump missed a $47 million semiannual interest payment on $675 million worth of junk bonds used to finance his Taj Mahal casino in Atlantic City. Taj bondholders had the right to foreclose completely on the casino, but the developer persuaded them to go into business with him instead.

The agreement, subject to the approval of the bondholders and the New Jersey Casino Control Commission, will forgive at least $13 million of annual interest and allows Trump and his investors to split...

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