In an attempt to restructure its capital and "maintain sufficient liquidity", Trump Entertainment Resorts Inc. said Friday that it will delay making a $53.1 million bond interest payment, on its senior secured notes due 2015. The payment is due on Monday December 1, and has a 30-day grace period.

The principal amount of the outstanding 8.5 percent senior secured notes is roughly $1.25 billion. During the grace period, Trump intends pursuing discussions with lenders to create a platform to grow and diversify its business.

If the interest payment is not made within the grace period, the holders of 25 percent of the outstanding principal of the notes would be allowed to accelerate the maturity of the notes. Also, the lenders for a subsidiary's $490 million senior secured loan would be permitted to accelerate repayment of the loan.

Its board has established a special committee of independent directors to oversee the talks relating to a restructuring deal. Nevertheless, the company said there can be no guarantee that an agreement will be reached.

Trump Entertainment, the Atlantic City-based casino company, chaired by property magnate Donald Trump, was created out of a bankruptcy restructuring in 2005.

As the national economic downturn deepened the gambling industry's woes, revenue at Atlantic City's casinos dropped by 9.9 percent to $346.2 million in October, from those recorded a year ago. According to the state's Casino Control Commission, the October decline followed a 15.1 percent plunge in September, the biggest overall fall in gaming revenue in the 30-year history of New Jersey's gaming capital.