In November 2004, Trump Hotels & Casino Resorts entered into Chapter 11 bankruptcy in order to restructure its $1.8 billion worth of debt.
Former President Trump has filed Chapter 11 six times to manage debt in his various companies: Trump Taj Mahal (1991), Trump Castle Hotel & Casino (1992), Trump Plaza Casino (1992), Trump Plaza Hotel (1992), Trump Hotels & Casino Resorts (2004), and Trump Entertainment Resorts (2009). Chapter 11 allows business owners to clear or restructure debt owed to shareholders, creditors, or other companies. When Trump said "I have never gone bankrupt" at a Fox News Republican debate in 2015, he technically wasn't lying. He has never filed for personal bankruptcy.
Trump Hotels & Casino Resorts was the holding company for several casinos. Filing Chapter 11 cut the company's debt by $600 million and saved it $102 million in interest payments. Trump gave up his role of chairman of the board in the restructuring, and Trump Hotel & Casino Resorts became Trump Entertainment Resorts Inc. The financial woes continued, however. In 2016, it became part of Icahn Enterprises, and the properties were eventually closed and sold off.
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