February 20, 2019

Report: Deutsche Bank considered rewriting loan so it didn't have to go after sitting resident

Business insider -Deutsche Bank, the biggest bank in Germany, reportedly considered rewriting the terms of a $340 million package of loans to the Trump Organization, fearing the nightmare scenario of having to pursue a sitting US President for cash were his company to default on its obligations.

According to a story published by Bloomberg, the bank discussed extending repayment dates on the loans until 2025, by which time President Donald Trump would be out of office even if he won a second term in 2020. Bloomberg said its sources for the story were people familiar with the internal discussions.

After the story published, The Trump Organization strongly denied that any such restructuring was on the cards. Eric Trump, who is managing Trump's business affairs while he is in office, called the story "complete nonsense."

Bloomberg said that ultimately, Deutsche Bank decided not to restructure the loans, but did decide to do no further new business with The Trump Organization while Trump is president.

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