How does Trump go bankrupt without Trump going bankrupt?

Over the weekend, news reports suggested that Donald Trump's casino group was going to file for Chapter 11 bankruptcy protection, and that's exactly what happened yesterday. Casinos in both Atlantic City and Las Vegas are feeling the pinch of our struggling economy, and this is probably one of several bankruptcies that will result.

Trump didn't want to file bankruptcy. He wanted to buy out shareholders and bondholders, taking the company private to avoid bankruptcy. When the board disagreed, Trump resigned from the board.

Trump's casino group reported assets of $2.1 billion and debts of $1.74 billion. The company missed its December payment of over $53 million to bondholders. Although there are more assets than liabilities, the company likely needs cash to satisfy debts that need to be paid now. The buildings and other hard assets don't really help when cash is what's needed. Chapter 11 bankruptcy basically holds off the creditors for a while, giving the company time to negotiate better terms on the debt and hopefully eventually pay a large portion of what is owed.