Donald Trump's casino company has filed for Chapter 11 bankruptcy protection today. This comes after long, difficult negotiations with creditors and bondholders over a proposed debt restructuring plan.

Trump Hotels & Casino Resorts Inc. filed papers in Federal Bankruptcy Court in Camden, New Jersey right outside Atlantic City, where the billionaire mogul owns three casinos. He also owns a riverboat casino in Indiana.

Trump told ABC News that under the restructuring deal, his share in the company would drop from 47 percent to 27 percent but that he would still be the largest stockholder and CEO of the company. A personal investment of $72 million is expected from Trump as part of the plan. The company would continue to pay its 12,000 employees during the restructuring.

The ever media savvy Trump tried to put a positive spin on the situation. 'I don't think it's a failure, it's a success,' Trump said in the interview. 'In this case, it was just something that worked better than other alternatives. It's really just a technical thing, but it came together.'

'We have one of the most powerful gaming companies the day it comes out (of bankruptcy). There's no way we could have done that without the 'B' word. The future looks very good.'

According to court papers filed by the corporation, the total debts owed by the casino company is $1.8 billion. By filing and agreeing to the resturcturing plan, $500 million would be shaved off the amount owed.

Trump is perhaps the most well known real estate mogul in America and is now the star of the reality TV show 'The Apprentice.' He has seen his fortunes ebb and flow over the years but always seems to find a way to bounce back. He hopes this latest setback is just a new beginning for Trump Casinos.