The Taj Mahal Casino that Donald J. Trump built in Atlantic City has emerged from bankruptcy. Last year, the casino, hurt by the recession and the decline of gaming revenue in Atlantic City, was unable to meet all the interest payments on bonds it had sold to finance construction. As part of a settlement with bondholders. Mr. Trump agreed to cede 50 percent of the equity in the casino to bondholders in exchange for lowered interest rates on the debt and more time to pay it off.

A "prepackaged" bankruptcy petition, in which the majority of creditors and the debtor had already agreed on a plan that needed the court's approval, was approved in Federal bankruptcy court yesterday. As part of the petition, Mr. Trump must insure that the casino meets projections for earnings and performance in order to keep control of the company's board.