- The Trump Organization is seeking financial relief for some of its loans and property payments in light of the economic impact of the coronavirus, The New York Times reported.
- Discussions between the Trump Organization and Deutsche bank and Palm Beach County are still ongoing, according to The Times.
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The Trump Organization is seeking financial relief by reaching out to one of its largest creditors and local officials to see if they can delay loan payments and monthly fees, The New York Times reported.
According to The Times, some of the organization's hotels and golf courses have closed like other non-essential businesses across the US in light of social distancing measures and stay-at-home orders to stop the spread of the new coronavirus.
The Times report says a representative for the organization reached out to managers at Deutsche Bank's New York private-banking division late last month to see if they could delay payments of some of the "hundreds of millions of dollars of outstanding loans," they've taken from the bank.
According to The Times, since 1998, Deutsche Bank has lent President Donald Trump and his companies close $2 billion. They're also "the only mainstream financial institution consistently willing to do business with Mr. Trump and his companies."
Additionally, Ed Raymundo, a Trump Organization executive in Florida, reached out to officials of Palm Beach County to see if the organization still needed to make monthly rent payments. The organization owns the Trump International Golf Club, and the land is leased from the county.
Discussions are said to be still ongoing with Deutsche Bank and Palm Beach County, and no decision has been reached on whether or not the Trump Organization will receive any financial relief, according to the report.
"These days, everybody is working together. Tenants are working with landlords — landlords are working with banks. The whole world is working together as we fight through this pandemic," a spokeswoman for Eric Trump told Business Insider.
The Times added that Deutsche Bank was worried about what they would do if Trump defaulted after he was elected president. At the time of his election, he owed more than $350 million.
"The Trump Organization's requests put lenders and landlords in the awkward position of having to accede or risk alienating Mr. Trump," The Times wrote.
Some of Trump's properties have closed or cut staff and services, and the organization is barred from the $500 billion rescue fund that was a part of the CARES Act Trump signed last week.
The fund, which will be administered by the Treasury Department, specifically banned Trump and his family from being able to get anything from the bailout.
Read the full New York Times report here »
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