Wilmington Trust, a leading provider of trustee, agency, and
administrative services for institutions through its Corporate Client
Services (CCS) business, clarified its role today in litigation
involving Tropicana Entertainment, LLC and Tropicana’s
bondholders.
Wilmington Trust serves as indenture trustee in this litigation. In this
role, it acts at the direction of a majority of Tropicana’s
bondholders to administer certain provisions of the trust indenture. A
trust indenture is a formal agreement between an issuer of debt
securities and the indenture trustee, which acts on behalf of the
holders of the debt securities. Wilmington Trust derives fees for
providing trust services.
Wilmington Trust is not a lender to Tropicana Entertainment, LLC.
Litigation between Tropicana and its bondholders does not adversely
affect Wilmington Trust’s balance sheet.
About Wilmington Trust
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 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.
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