OTHER NEWS - Dec. 14, 1992
Trump’s Plaza Hotel Bankruptcy Plan Confirmed: U.S. Bankruptcy Judge Prudence Abram approved the bankruptcy reorganization plan for Donald Trump’s landmark Plaza Hotel in New York. The prepackaged Chapter 11 plan was confirmed without creditor objection. Under the plan, the junior bank lenders will receive a 49% ownership stake, while Trump’s stake will decrease to 51%. Trump bought the Plaza in 1988, and incurred $300 million of long-term debt. Four banks comprising the junior lender group in July, 1988, loaned Trump $125 million for the purchase and renovation of the Plaza Operating Partners Ltd.
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