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Judge may convert Trump hotels' Chapter 11 into liquidation

Sometimes a bankruptcy case involves a small business struggling to keep the lights on. Other cases involve a major business bankruptcy with much more complex business bankruptcy issues to address. In either case, however, there are some underlying fundamental issues that Wayne County residents should understand, no matter what point they are at in their businesses.

Take a look, for example, at the situation of Trump Entertainment Resorts, Inc., the company that owns a few high-profile resorts on the East Coast. The company has been attempting to pursue business reorganization under Chapter 11. As we've discussed previously, that would give the company some flexibility to proceed with a repayment plan and continue to operate. It would, however, likely mean some changes -- a company needs to present a sound argument under Chapter 11 as to how it would return to profitability.

That has proven to be a stumbling block so far in the Trump case. A hearing has been scheduled for early December to consider whether to convert the Chapter 11 into a Chapter 7 instead. The bankruptcy judge has urged the company, a committee of unsecured creditors and a number of other parties to redouble their business debt negotiations, or else face the likelihood that the business will be liquidated under the supervision of an independent trustee in Chapter 7.

There's a lot at stake in any commercial bankruptcy. To the Wayne County family that owns a corner store that's fallen on hard times, the situation is just as serious as it is to a company with high-profile resorts. Chapter 11 can help many find the debt relief they need, and a legal professional can help with the often sensitive negotiations that go into a solid reorganization plan.

Source: Philly.com, "Judge to consider liquidating Taj Mahal parent company," Nov. 19, 2014

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