The work also involved gilding many surfaces, replacing carpets, and reupholstering furniture. Trump also decided to shut the Trader Vic's in the basement in 1989, saying it had become "tacky". The hotel made a modest profit for about two years after Trump's purchase, largely from increased occupancy, suite rates, and banquet bookings. Trump had borrowed extensively to purchase the Plaza, but the hotel's operating income was several million dollars below the breakeven point. As a result, the hotel's debt ultimately grew to $600 million. By 1991, Trump was making plans to pay off the hotel's debt by selling off the vast majority of its units as condominiums. Trump estimated that the conversion would net $750 million, almost twice the purchase price. Trump also considered converting the offices under the mansard roof to penthouse condos, according to designs by Lee Harris Pomeroy. The conversion plan failed because it would have been unprofitable, due to a then-recent drop-off in prices in the city's real estate market. In March 1992, as a last resort, Trump approached the Plaza's creditors, a group of seventy banks led by Citibank, who agreed to take a 49% stake in the hotel in exchange for forgiveness of $250 million in debt and an interest-rate reduction. The agreement was submitted as a prepackaged bankruptcy in November 1992 and approved the next month. Kwek and Al-Waleed ownership By 1994, Trump was looking to sell the Plaza before Citibank and other creditors could find a buyer, which would have wiped out his investment. One of his executives identified Hong Kong–based Sun Hung Kai Properties as a potential buyer. The deal fell through after the family of Sun Hung Kai executive Walter Kwok got trapped behind a jammed door while touring the Plaza Hotel. Trump, attempting to maintain appearances, threatened to sue the New York Post that December for reporting that the Sultan of Brunei, Hassanal Bolkiah, had made an offer for the hotel. Meanwhile, the creditors had also identified Singaporean developer Kwek Leng Beng as a likely buyer. Kwek's company, Singaporean chain City Developments Limited (CDL), offered to take over the creditors' ownership stake. Saudi prince Al-Waleed bin Talal was also interested in buying the Plaza; and by March 1995, Al-Waleed and CDL had raised $325 million for a controlling stake. Trump unsuccessfully petitioned Kwek to partner with him instead of Al-Waleed. Trump sold the controlling stake to Kwek and Al-Waleed