Trump Quits Trump Entertainment as Debt Payment Deadline Looms

“I have nothing to do with it. I’m not in it, I’m not on the board,” Trump, who was chairman, said in a telephone interview yesterday. He said he had “no idea” whether there will be a bankruptcy filing.

Trump’s departure comes ahead of a Feb. 17 deadline to make a $53 million bond payment first due on Dec. 1. The target has been extended four times since an initial grace period ended Dec. 31. Bondholders are planning to force Trump Entertainment into Chapter 11 bankruptcy early next week, the Wall Street Journal said, citing unidentified people familiar with the matter.

Trump controls 28 percent of the stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also resigned, according to an e-mailed statement.

“I strongly disagree with the bondholders’ decisions and actions,” Trump said in the statement without elaborating.