Trump is going to file chapter 11- Breaking news

Trump Entertainment Resorts Inc., Donald Trump's casino group, is expected to file Tuesday morning for protection from its creditors under Chapter 11 of the Bankruptcy Code, said several people familiar with the matter.

The company's board was scheduled to meet late Monday night to decide whether to authorize the filing, these people said, adding that the Atlantic City, N.J., casino operator would otherwise be forced into bankruptcy involuntarily by creditors.

Donald Trump

Such a filing would mark the third appearance in bankruptcy court for Trump Entertainment, which most recently emerged from bankruptcy proceedings in 2005. Any filing would likely be in Camden, N.J., where the company, which had $960 million in sales last year, entered its previous petition.

If it decides to make the filing, the board wouldn't be aligning the company with reorganization plans set out either by Mr. Trump or company bondholders, said people familiar with the matter.

The planned board meeting follows months of negotiations between the real-estate mogul and his casino's bondholders, who had given the company several waivers to delay an interest payment due late last year. Late last week, the bondholders told the company they would seek an involuntary bankruptcy proceeding to force the company into Chapter 11.

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