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Property mogul trumped by billion dollar debts
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London South Bank University
£31,396 to £34,557, inclusive of £4,952 London Weighting
location: Southwark Campus, United Kingdom
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Donald Trump, the casino and hotel entrepreneur, is facing the second big financial battle of his career, following an assessment on his businesses by auditors, Ernst & Young.
The bank warned that Trump Hotels & Casinos Resorts (TH&CR) would need a cash injection of $440m (£240m), if it wishes to continue operating.
It revealed that TH&CR debts had reached $1.8bn (£980m).
Shares in the company fell 12.5 per cent in morning trading, following the publication of the letter from Ernst & Young to the company’s board.
It is believed that Credit Suisse Boston would be prepared to inject $400m (£218m) into TH&CR, in exchange for a majority stake in the company.
Any such move would remove Mr Trump as chief executive, although he would still remain chair of the board. Details: www.trump.com
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Donald Trump, the casino and hotel entrepreneur, is facing the second big financial battle of his career, following an assessment on his businesses by auditors, Ernst & Young.
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