Wilmington Trust Not a Tropicana Entertainment, LLC Creditor

WILMINGTON, Del.--(BUSINESS WIRE)--Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, reiterated today that it is an indenture trustee for holders of debt issued by Tropicana Entertainment, LLC, which filed for Chapter 11 protection yesterday in United States Bankruptcy Court, District of Delaware.

This filing lists Wilmington Trust, as successor indenture trustee, among Tropicana Entertainment’s largest unsecured creditors. Wilmington Trust, however, has no credit exposure, unsecured or otherwise, to Tropicana Entertainment.

As indenture trustee, Wilmington Trust acts on behalf of bondholders who invested in Tropicana Entertainment’s issue of 9.625% senior subordinated notes that mature in 2014. In this role, Wilmington Trust administers certain provisions of the trust indenture, which is a formal agreement between debt issuers and bondholders. This is the same indenture trustee relationship that was in place in March 2008, when these bondholders sued Tropicana Entertainment in Delaware’s Chancery Court.

Wilmington Trust is paid a fee for providing trustee services. These services do not include extending credit. Tropicana Entertainment’s bankruptcy filing has no effect on Wilmington Trust’s balance sheet, credit quality, or financial condition.

Wilmington Trust Corporation (NYSE:WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, and Luxembourg.