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Trump is struggling to pay off the mounting debts of his financial empire

2021-01-27T18:58:54.950Z


Washington-SANA Former US President Donald Trump faces a barrage of financial lawsuits that await him


Washington-SANA

Former US President Donald Trump is facing a barrage of financial lawsuits that await him and his heavily indebted companies are waiting in front of US courts, affecting his commercial and financial future, and shattering his real estate empire that he has been showing about the world throughout the past years he spent in the White House, which could lead to bankruptcy and add to A lot of things tarnished his reputation.

American Newsweek magazine revealed on its website today, quoting experts, that “Trump may find it difficult to pay off the huge accumulated debts that his empire owes over the next four years, in addition to the fact that the Corona epidemic has had a devastating financial impact on Trump's business and property, most of which are real estate and facilities. tourism".

Financial data released on the 20th of this month showed that on the day Trump left office, he owed hundreds of millions of dollars and must pay most of it by 2025.

Many of the leading financial institutions and banks in the United States distanced themselves from Trump, abandoned him, and refused to provide him with loans, except that the New York City government and the American Golfers Association ended their business dealings with Trump's group, which led to the damage to the income of the former president.

The Trump Organization, including the Doral National Golf Club, the largest source of funds for Trump property, and the Trump International Hotel, saw a significant drop in revenues compared to the previous year.

For his part, Philip Brown, a professor of finance at Northwestern University, said that "Trump has nearly $ 300 million in loans due over the next three years and that it is difficult for him to access the credit markets to refinance those loans in the future."

Brown pointed out that the American business magazine (Forres) revealed that Trump's total debt is close to one billion dollars, in addition to the losses incurred by his business due to the epidemic and the loss of his trademark value. And Trump's latest financial statements revealed that his properties lost more than $ 120 million last year, and this is considered a drain. Greatly financially on his business and it will be difficult for him to bear in the future.

John Bhutto, professor of commercial law at the University of Michigan, said that in the absence of lenders' approval, Trump has nothing but to declare bankruptcy, indicating that he will face many lawsuits at a time when representatives of companies such as Deutsche Bank evade him.

Trump is the first president in the United States to undergo two parliamentary trials with the aim of removing him from office, as the first took place in September 2019 for misusing power to achieve personal goals, while the second is currently taking place after the latter incited his supporters to storm the Congress building, but with the support of a number of senior Republicans to try him this time.

Source: sena

All news articles on 2021-01-27

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