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Weil Gotshal & Manges has snared a lead role advising on Casino operator Trump Entertainment Resorts’ bankruptcy protection.
New York-based Weil Gotshal partner Michael Walsh is leading a team advising on the Chapter 11 proceedings filed today in the New Jersey bankruptcy court.
Stroock & Stroock & Lavan partner Kristopher Hansen led his firm’s team advising a group of bondholders owed $1.3bn by the casino group.
The petition detailed $2.06bn in assets and debt totalling $1.74bn as of December 31 2008.
The move comes after Trump Entertainment Resort suffered dwindling visitor numbers and gaming revenues amid the financial crisis.
Founder Donald Trump resigned from the board last week after blaming bondholders of the casino company for the group’s financial demise.
The deal also marks the continuation of a long history between Trump and Weil Gotshal. In 2004, a team of lawyers from Weil including Michael Walsh represented a group of bondholders in connection with the restructuring of the Trump Hotels & Casino Resorts.