New York: The 78-year-old Republican leader Donald Trump was Wednesday elected the US president for a second term in one of the greatest political comebacks in American history, four years after an election loss in 2020 that sparked a violent insurrection at the US Capitol.
But do you know Donald Trump ‘s life has been full of ups and downs? There were times when Donald Trump filed for six bankruptcies in his career span as a businessman.
Six Times Donald Trump Filed For Bankruptcy
Trump Taj Mahal Casino in 1991
In 1991, Trump used $675 million in credit notes at 14 percent interest to finance the development of the Taj Mahal casino. In 1992, the casino owed $3 billion. Trump ended up owing around $900 million in personal obligations. To keep the casino operational, Trump struck a deal with bankers, giving away half of his ownership and stake in the company. He sold his plane and 220-foot boat and agreed to a spending limit set by the bank in exchange for a cheaper interest rate and more time to make loan payments.
Trump Castle Hotel & Casino in 1992 and Trump Plaza Casino 1992
Within a year, Donald Trump applied for two more Atlantic City hotel-casinos. Trump was then unable to pay the principal and interest on the bonds. At this point, the Taj Mahal was up against the hotel-casino Trump Plaza ($550 million in debt) and Trump’s Castle ($338 million in debt). Trump gave up a 50% stake in exchange for better terms on the money he owed.
Trump Plaza Hotel 1992
This was the year that Trump filed for one more bankruptcy protection over the Trump Plaza Hotel. Trump gave up his 49 percent stake in the property to secure better terms from lenders on the hotel’s debt of over $550 million.
Trump Hotels and Casinos Resorts in 2004
Trump, who had previously combined his three casinos and various other properties into one corporation in 2004, sought Chapter 11 bankruptcy protection for the entity and filed for around $1.8 billion in debt. Once again, Trump’s stake was reduced from 47 percent to 27 percent in order for him to obtain better terms from lenders.
Trump Entertainment Resorts in 2009
Trump Hotels and Casino Resorts were renamed Trump Entertainment Resorts (TER) after the 2004 bankruptcy. In 2009, TER filed for another bankruptcy with a debt of $1.2 billion. Donald Trump also diluted his ownership to 10 percent and resigned as chairman of the board as per the regulations.
Trump’s Victory in US Elections
Trump secured victory on Wednesday when he surpassed the 270 electoral college votes needed to win. In a victory speech before the official declaration, he vowed to “put our country first” and bring about a “golden age” for America.
Trump’s first term saw him insult and alienate many of the United States’ longstanding allies. His return to the White House, four years after losing office to President Joe Biden , has huge consequences for everything from global trade to climate change to multiple crises and conflicts around the world.
Trump has pledged to ramp up a tariff feud with China, the United States’ growing economic and strategic rival. In the Middle East, Trump has pledged, without saying how, to end the conflicts between Israel, Hamas and Hezbollah. He has also vowed to end the Russia-Ukraine war within 24 hours of taking office – something Ukraine and its supporters fear would be on terms favorable to Moscow.
With Agency Inputs
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