plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan. The plan was submitted to the bankruptcy court on December 16, 2004. After the 2004 bankruptcy, Trump Hotels & Casino Resorts changed its name to Trump Entertainment Resorts (TER), and Trump ceased to play an active role in the company. In 2005, the company's involvement in the Spotlight 29 Casino ended, as the tribe bought out the casino management agreement for $6 million. Later that year, TER sold its Indiana casino to The Majestic Star Casino, LLC for $253 million. The company had also been awarded a license to build a second casino in Orange County, Indiana, but dropped this plan, due in part to the state's concerns about the company's viability. In 2007, the company attempted to negotiate a buyout with several public and private firms, but on July 2, it announced that it could not reach a deal, and would take itself off the market. The company planned to lay off employees in order to cut costs. 2009 bankruptcy and restructuring The casino group filed for bankruptcy again in February 2009, owing $1.2 billion. Two sets of debt holders eventually proposed reorganization plans for the group in U.S. bankruptcy court. Trump initially made an agreement with banker and poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's lack of gaming experience, he dropped them in favor of hedge fund Avenue Capital Management, a plan favored by other bondholders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity. The bankruptcy court eventually sided with the Trump/Avenue partnership, favored by bond holders who believed that Trump's brand would result in a stronger company after reorganization. In 2011, TER sold the Trump Marina to Landry's Restaurants, which also operates the Golden Nugget in Las Vegas. Post-2009 bankruptcy In