Trump's Company Seeks Financial bailout as Coronavirus Takes Toll

Marco Green
April 4, 2020

They've spoken to Deutsche Bank about postponing payments on some loans.

Discussions between the Trump Organisation and Deutsche bank and Palm Beach County are still ongoing, according to The Times.

According to The Times, some of the organisation's hotels and golf courses have closed like other non-essential businesses across the U.S. in light of social distancing measures and stay-at-home orders to stop the spread of the new coronavirus.

The NYT said the company contacted Deutsche Bank, seen as the only major lender willing to do business with the company, at March-end for extension of some repayment deadlines.

The Wall Street Journal also reported that properties owned by President Donald Trump's company are losing more than $1 million in revenue every day. And according to the Times, the Trump Organization "sought guidance last week from Palm Beach County about whether it expected the company to continue making monthly payments" on that land.

However, given that President Donald Trump merely turned over control to his adult sons and never financially divested from the business, the Trump Organization's relief request mandates special consideration when compared to requests from other creditors - as failing to heed the request could make them the target of a president whose shown he's not against using the powers of his office against his enemies. Tenants are working with landlords - landlords are working with banks.

The Times added that Deutsche Bank was anxious about what they would do if Trump defaulted after he was elected president. The company was in talks with two potential buyers to sell the lease for as much as $350 million.

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