CAMDEN, N.J., Jan. 28 (UPI) -- The Trump Hotels equity committee has filed a challenge to Donald Trump's bankruptcy plan for his New Jersey casinos.
The equity committee, made up of shareholders, filed the statement with the U.S. Bankruptcy Court for the District of New Jersey in Camden on Thursday, theDeal.com reports. The group says the plan awards excessive benefits to Trump and other insiders including the proposed lead arranger for Trump Hotels' exit loan, UBS Securities LLC, and the co-arranger, Morgan Stanley.
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The committee wants to delay the scheduled March 9 bankruptcy hearing so it can look into alternatives to Trump's plan and wants other potential investors to be allowed to make bids.