Trump Hotels Exits Bankruptcy, Gets New Name

Trump Hotels & Casino Resorts Inc (search) Friday said it has emerged from bankruptcy, changing its name to Trump Entertainment Resorts Inc (search).

The company, which entered Chapter 11 (search) protection in November, also said it has issued 40 million shares of new common stock, after a one-for-1,000 reverse stock split.

Real estate magnate Donald Trump (search), who is the company's chairman, said in a statement that he is looking to hire a chief executive officer.

Shares of the renamed company will now trade in the over-the-counter market under the ticker symbol . The company plans to apply to have its stock listed on the New York Stock Exchange (search).

Holding subsidiary Trump Entertainment Resorts Holdings L.P. and its funding unit, Trump Entertainment Resorts Funding Inc., have issued $1.25 billion in senior secured debt due in 2015.

The debt is secured by a second lien on the company's real estate assets. The company has also secured a senior credit facility of up to $500 million, which it plans to use to reinvest in current properties, and enter new markets.

Trump currently owns Trump Taj Mahal (search), Trump Marina and Trump Plaza casinos in Atlantic City, New Jersey. It also owns the Trump Casino Hotel in Gary, Indiana.

Trump shares were up 2 cents, or 1.3 percent, at $1.60.