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Trump Plaza Buyer Says Sale Is Temporarily On Hold

(credit: Craig Allen/Getty Images)

(credit: Craig Allen/Getty Images)

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ATLANTIC CITY, N.J. (AP) — The California development company that plans to buy Atlantic City’s Trump Plaza Hotel and Casino for $20 million says the deal is temporarily on hold.

In a statement issued late Friday, the Meruelo Group said the sale cannot currently be completed as planned because Trump Entertainment has been unable to obtain the release of a mortgage held by a “senior secured lender.”

When the deal was announced in February, Meruelo said it hoped to close the sale by May 31

The Press of Atlantic City (http://bit.ly/11OFpiw) says Trump spokesman Brian Cahill confirmed Meruelo’s statement, but had no further comment on the matter.

Xavier Gutierrez, chief investment officer for the Downey, Calif.-based Meruelo Group, did not respond Saturday to a request for comment from The Associated Press.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)