Wilmington Trust clarifies role in lawsuit
26 March 2008ILMINGTON, Delaware -- (PRESS RELEASE) -- 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.