By David Madden and Cleve Bryan

WILMINGTON, Del. (CBS) — A federal bankruptcy judge in Delaware has approved the plan from billionaire investor Carl Icahn to take over the Trump Taj Mahal casino-hotel, in Atlantic City.

READ MORE: Elderly Man, Woman Killed In West Philadelphia Multi-Home Fire, Police Say

The move saves 3,000 jobs but throws out the union contract and health care plans for about a third of the workforce there.

Judge Kevin Gross’ decision staves off the threatened November 13th shutdown, but by no means guarantees the Taj’s future.

Negotiations with elected officials are planned to obtain aid that Trump CEO Robert Griffin says will “take a collective step toward a brighter future for Atlantic City.”

Unite Here Local 54 failed in its attempt to stay Gross’s order pending appeal.

Union head Bob McDevitt, in a statement, says the decision will “enrage the workers who have relied on and fought for their health care for three decades.”

READ MORE: Pennsylvania Lottery Generates $1.3 Billion In Sales To Benefit Seniors

“What this decision means is that workers are under siege, the entire city under siege,” McDevitt added.

The Icahn plan includes formation of a 401-K program and a $2,000 annual contribution per union worker toward their health care.

Taj Mahal waitress Valeria McMorris says losing her healthcare benefits will have huge impact on her quality of life.

“With the stroke of a pen we’ve gone from middle class jobs to the working poor. My co-workers and I are absolutely appalled,” says McMorris.

Unite Here Local 54 is planning a protest outside the Taj Mahal next Friday afternoon.

MORE NEWS: Thursday's Storms Break Record For Most Tornadoes In Tri-State Area In Single Day