Donald Trump and Bank of Nevada's BNAC affiliate will arise to ownership owners of the privately held company who filed for Chapter 11 protection in February. The casinos deal still needs approval from the bankruptcy court, Trump Entertainment commented in a statement on Monday.

"We want to invest a lot of money into the entertainment company," Trump said in an interview on CNBC. "We're planning to start off with a $100 million, and it could go well beyond that as time goes by."

Trump, the entertainment casinos founder and one-time chairman, resigned in February when bondholders demanded a Chapter 11 filing after the entertainment company missed a $53.1 million bond interest payment. Trump said the entertainment company had borne his name, however, not performed to his specific standards.

Under the casinos reorganization plan, Trump Entertainment casinos was granted an eight-year extension on the maturity period of about $486 million in debt, to December 2020, according to Tuesday securities filing. The interest rate on the debt was reduced as well. Share holders of that debt are expected to see a 94 percent recovery on their entertainment investment.

The company explained there would be no recovery for holders of its 8.5 percent senior secured notes due in 2015. Share holders of those notes were due $1.25 billion. Holders of unsecured claims and equity will not receive a return on their investment. The plan has the approval of Trump Entertainment casinos management and board, the company said. "My daughter Ivanka and I will work extremely hard to make this entertainment company great once again,"Trump said in a statement. "As I have done in the past, we will make Atlantic City entertainment casinos hot once more."

News of the deal arrives in a time of great distress for the casino industry in Atlantic City, New Jersey, where the company has three properties: the Trump Taj Mahal, Trump Plaza and Trump Marina. Within filing, the company said its financial advisor, Lazard, estimated the value of its three Atlantic City entertainment casinos at $428 million to $488 million. A deal to sell the Trump Marina property to Coastal Marina LLC fell through in June. Lazard valued that property at almost $24 million.

Since the deal collapspsed, Coastal submitted "nonbinding indications of interest" in the property on two different occasions, Trump Entertainment casinos said in the filing. The proposals were unacceptable, the company said, adding that it continued "to explore with Coastal their interest in establishing a purchase of the Marina property." Gaming entertainment casinos revenues in the city are in their third year of decline among increasing competition and reduced consumer spending, according to information compiled by the New Jersey Casino Control Commission.

"When you see the debt of some of the entertainment casinos companies, they have no choice but to restructure their debt," Trump told CNBC. Trump Entertainment casinos shares were up 11 cents, or 79.3 percent, at 26 cents in morning pink sheet trading.

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