International

U.S. President’s family firm faces financial woes

Donald Trump

Donald Trump   | Photo Credit: AP

It seeks delay in loan repayment

U.S. President Donald Trump’s family company is asking creditors such as Deutsche Bank if it can delay loan payments as the economic impact of the coronavirus (COVID-19) pandemic deepens, The New York Times reported Thursday.

The Trump Organization — the conglomerate of companies created by Mr. Trump and now run by his sons — is, like many others, losing money as the restrictions put in place to lessen the spread of deadly COVID-19 bring the U.S. to a grinding halt.

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. “These days, everybody is working together,” Mr. Trump’s son Eric, the Organization’s executive vice president, said.

 

The Trump Organization still owes Deutsche Bank several hundred million dollars, according to the Times.

The group also contacted Palm Beach County to see if it could suspend rent payments on the Trump International Golf Club, a 27-hole course and clubhouse on more than 120 hectares.

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Printable version | May 26, 2020 3:51:04 PM | https://www.thehindu.com/news/international/us-presidents-family-firm-faces-financial-woes/article31251891.ece

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