Trump Entertainment Resorts Inc
Judge Judith Wizmur of the United States Bankruptcy Court for the District of New Jersey chose the Trump plan over one from Icahn Partners, which filed a competing plan.
Avenue Capital group, the lead bondholder in the reorganization process, will become the company's largest shareholder.
We are making this investment into this company because we firmly believe in the future of the gaming business in Atlantic City and the strength of the Trump brand, said Marc Lasry, Avenue Capital Group's chief executive.
Under the plan, the company will receive $225 million in new equity and will retain the Trump brand for its Atlantic City operations.