A hearing to review Carl Icahn’s plan to acquire the Trump Taj Mahal in Atlantic City was delayed two weeks—until January 28—to allow the casino’s unsecured creditors more time to review the deal.
The hearing in bankruptcy court is to consider the approval of disclosure materials explaining a plan under which Icahn would take ownership of the casino. Icahn holds the majority of Trump Entertainment’s debt on the property–$286 million—and would exchange the debt for control of the casino under the plan.
The official unsecured creditors’ committee objected, however, saying it had been denied documents related to the plan. Icahn has agreed to turn over more information.
The hearing will also allow the judge in the case to consider the approval of a $20 million loan Icahn offered to keep the casino operating.
