Donald Trump has seen off a challenge from Carl Icahn to seize control of Trump Entertainment Resorts following a ruling by the US Bankruptcy Court for the District of New Jersey.
Icahn’s consortium had sought to take control of the company but the group’s plans had not been confirmed by the court. Instead, proposals put forward by Avenue Capital Group, supported by Trump and his daughter, Ivanka, were approved by Judge Wizmur.
Under the terms of the proposals, $225m of new equity will be injected into the company, which will retain the Trump brand for its Atlantic City operations.
"This is a great victory for Atlantic City and the company," Donald Trump said. "I have always believed in Atlantic City and am happy that this decision will mark my return to the business that bears my name and is one that I care deeply about.
"Since I opened Trump Plaza over 25 years ago, I have always thought that through smart investments we could create a truly special and vibrant resort on the Atlantic Ocean. We have a company with a solid balance sheet, enthusiastic ownership and dedicated management and I am enthusiastic about the future."
Trump Entertainment Resorts is expected to emerge from reorganisation later this year.
