Resorts International Inc

Debt-ridden Resorts International Inc. and its subsidiaries have stopped paying interest to its bondholders, company officials announced today. "It has become clear that Resorts is a much bigger challenge than we anticipated," said company owner and Chairman Merv Griffin in a news release.

Developer Donald Trump said Monday that he will pay $78.9 million for a controlling interest of Resorts International Inc., just weeks after halting an attempt to take control of another gambling and hotel company. Resorts International announced that holders of Class B stock representing 73% of the voting power in the company had agreed to sell their shares to Trump at a net price of $135 per share.

Donald J. Trump will pay about $29 million more for the unfinished Taj Mahal, and Merv Griffin will contribute an additional $25 million in equity when he buys Resorts International Inc., the two men announced late Thursday. The two moves taken together will increase the amount of cash and reduce the debt that Resorts will have after the various transactions are completed.

Donald Trump, the New York developer who controls Resorts International Inc., said Monday that he has proposed to buy all of the casino operator's remaining common shares at $15 each. On Nov. 2, Trump, who is chairman of Resorts, began an offer to buy 167,00 outstanding shares of Class B common stock of Resorts for $135 per share, or a total of $22.5 million. The offer expires Jan. 4. The Class B shares carry 100 times the voting power of Class A shares.

Flamboyant real estate developer Donald Trump, who controls Resorts International Inc., withdrew his offer to buy all of the casino operator's remaining common stock Tuesday, jeopardizing completion of a massive hotel-casino in Atlantic City. The Trump announcement came soon after Resorts said a special committee appointed to review Trump's $15-a-share bid had found it to be "grossly inadequate."

Resorts International Inc., the money-losing casino company owned by Hollywood producer Merv Griffin, unveiled a sweeping financial reorganization plan Tuesday designed to give the troubled firm several years of breathing room while it attempts to reverse its downhill slide. At the heart of the plan are proposals for the firm's bondholders to accept steep reductions in the interest payments on their debt securities as well as some reductions in principal.

Resorts International, the financially troubled casino company owned by former talk show host Merv Griffin, filed for bankruptcy protection Friday as part of its continuing effort to dig out from under its heavy debts. Resorts said it filed a voluntary Chapter 11 petition at the same time it submitted a reorganization plan with the federal bankruptcy court in Camden, N.J.

Columbia Savings said it was insolvent. Southland Corp., owner of 7-Eleven stores, said bankruptcy may lie ahead. First Executive took a bruising $836-million loss. The news was heavy from the world of high-yield junk bonds last week, and most of it was bad. Companies with junk in their investment portfolios revealed that new and gaping wounds had been inflicted by the junk market's 9-month-old collapse.

The Resorts International hotel and casino in Atlantic City, owned by Hollywood producer Merv Griffin, is booked to capacity tonight, but the packed house isn't anything for Griffin to boast about. Many of the guests will be company creditors--bondholders, to be exact--who are set to descend on the New Jersey city by the hundreds to hear Resorts detail how it plans to dig itself out from under an avalanche of debt.

Resorts International, the struggling gambling company headed by Hollywood producer Merv Griffin, sustained losses of more than $300 million for the second year in a row, the company said Monday. The company lost $303 million in 1989, $181 million of which resulted from a writeoff of its goodwill, an intangible asset that reflects what a buyer pays for a property beyond its tangible value.