Trump Organization ask creditors to delay loan payments

Story By: Indre Varnelyte
Friday, April, 03 2020 - 13:50

The Trump Organization -- the conglomerate of companies created by Trump and now run by his sons, asked creditors such as Deutsche Bank if it can delay loan payments as the economic impact of the coronavirus pandemic deepens, The New York Times reported Thursday.

At the same time, others in the Trump Organization had contacted Palm Beach County officials seeking to renegotiate monthly rent payments on land leased from the municipality, the report says.

In recent weeks, the company has temporarily closed its hotel overlooking the Las Vegas Strip, cut staff and services at its hotels in New York and Washington and closed golf clubs in Florida and New Jersey, including the Mar-a-Lago club, which Trump calls “winter White House".

With large parts of the US now on lockdown, the Covid-19 pandemic makes a  devastating economic impact on the American economy.

More than 6.65 million people filed for unemployment benefits in the US last week. Millions of people working in retail, restaurants, travel, hotels and leisure industries have lost their job. Oil prices collapse and the airline industry grinds to a halt.

The unprecedented layoffs lead many economists to forecast the U.S. unemployment rate could spike to as high as 15% this month, breaking records set during a deep recession in 1982.

“The economy has fallen into the abyss,” said Chris Rupkey, chief economist at MUFG in New York. “Everywhere you look Washington and state governments were not prepared for the rapid spread of the virus and the devastating damage that would be done to the economy if businesses were shut down and workers sent home.”

President Donald Trump himself faces criticism for playing down the threat of the pandemic in its initial phases.
He eventually had to cancel his plan to reopen the US economy by Easter after seeing polls showing widespread opposition to the move, The New York Times reported on Monday.

The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with more than 214,000 people infected.

As per reports, nearly 5,000 people in the country have died from the illness.


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