Trump Taj Mahal is officially out of bankruptcy.
The Atlantic City casino emerged from Chapter 11 protection last Friday and became a wholly owned subsidiary of Carl Icahn’s Icahn Enterprises LP, Vegas Inc. reported.
Icahn, who held $292 million of the casino property debt, initially threw the Taj a $20 million lifeline in December 2014. Several months later, the billionaire investor reached a deal with Taj creditors that gave him control of the company. Then in June 2015, the state Casino Control Commission approved the businessman’s plan to rescue the Taj Mahal from bankruptcy.
Icahn’s move also completely removed Donald Trump’s remaining 10 percent ownership stake in Trump Entertainment Resorts, which operates the Taj Mahal. The casino company, however, will still continue to bear Trump’s name due to a deal that Icahn struck with the now Republican presidential candidate.