By John Curran
The Associated Press

ATLANTIC CITY, N.J. - You could call it Trump: The Art of the (Bankruptcy Restructuring) Deal.

Donald Trump's casino businesses, which have failed to share in his successes in other realms in recent years, are being restructured under a bankruptcy protection plan that would strip The Donald of his majority stake.

Under the plan, announced late Monday, Trump Hotels & Casino Resorts plans to enter Chapter 11 (voluntary) bankruptcy next month, emerging within a year.

DLJ Merchant Banking Partners, an arm of Credit Suisse First Boston, and Trump would invest $400 million to help the company pay down its $1.8 billion in debt and cut interest payments in half.

Trump, the chairman, chief executive and largest shareholder, would see his stake in the company shrink from 56 percent to 25 percent, with Credit Suisse owning more than two-thirds of the company.

Trump himself would contribute nearly $71 million, $55 million of which would be in the form of a co-investment with Credit Suisse and $15.9 million of which would come from his Trump Casino Holdings notes. Trump would also give up trademark rights to his name and likeness for use in connection with casino operations.

"The reality is that it's bitter medicine: You don't want to take it, and it's not pleasant at the time, but in the end, you get healthy," said Frank Fantini, publisher of the Gaming Morning Report, a casino industry newsletter.

"In the end, that's what's happening here. If you're a shareholder, you'll own a smaller share but it'll be a profitable company, which is better than owning a piece of a non-profitable company," Fantini said.

Trump Hotels stock was suspended from trading by the New York Stock Exchange on Tuesday. The company's stock traded as high of $34 in 1996 before beginning a long slide to less than $2 a share on Monday.

Trump put a different spin on the deal.

"We've been working on it long and hard, and we've worked out a wonderful deal which will substantially reduce the debt of the company," Trump said.

Trump will remain chairman of the company but no longer be its chief executive or largest shareholder.