ATLANTIC CITY, N.J. (AP) – A bankruptcy court judge has scheduled a hearing on whether the parent company of Atlantic City’s Trump Taj Mahal casino should be liquidated.
Trump Entertainment Resorts has said it plans to shutter the casino on Dec. 12.
The liquidation hearing is set for a week before that, on Dec. 4.
The judge says he’ll consider whether the bankruptcy case should change from a Chapter 11 reorganization to a Chapter 7 liquidation where the operations end and whatever remaining proceeds are distributed to creditors.
The company wants to turn itself over to billionaire Carl Icahn, who would pump $100 million into it.
But the deal depends on $175 million of state or local tax aid that this far has been rejected.
About 3,000 jobs would be lost in a shutdown.
Copyright 2014 The Associated Press.
