ATLANTIC CITY, N.J., Nov. 17 (UPI) -- Donald Trump and his daughter Ivanka have agreed to terms that will allow three Atlantic City, N.J., casinos to use the Trump name and move out of bankruptcy.
The Trumps reached a settlement with creditors in a battle over control of Trump Entertainment Resorts, The Wall Street Journal reported Tuesday.
The Trumps agreed not to bid for control of the company and cancel lawsuits filed against the creditors. The casinos will be permitted to use the Trump name for marketing purposes, while the Trump Organization, the family's development firm, will be granted as much as 10 percent of the restructured company.
The Trump Organization will be able to use the Trump name and image in marketing outside of New Jersey and five neighboring states, the Journal said.
Donald and Ivanka Trump, along with Beal Bank, had bid $116 million for the resorts with a plan to take them private. Creditors, standing to lose $1.25 billion in the deal, countered with a $250 million offer of their own.
"It is in the company's best interests for all parties to coalesce around the noteholders' plan, and I urge them to do so," Trump said in a statement.