NEW YORK - Donald Trump has sought bankruptcy protection for the landmark Plaza Hotel in a deal that gives creditors 49% ownership in the property. The developer last week filed a prepackaged bankruptcy plan, part of an arrangement between the Trump Organization and its lenders.

Under the plan, the Trump company will receive more favorable terms on $550 million in various mortgages on the property.

A spokesman said the developer and his creditors expect to emerge from bankruptcy within a month.

Mortgage Extended 3 Years

One bank lending group led by Citicorp has agreed to extend the terms of a $300 million first mortgage on the Plaza from 1993 to 1996. A Citicorp bank syndicate also agreed to release Mr. Trump from a $125 million personal guarantee in exchange for a 49% stake in the Plaza.

Mr. Trump can regain full ownership of the hotel if he repays the $125 million. He bought the Plaza in 1988 for $390 million and has since spent $100 million on improvements. The lenders also won the right to sell the hotel to an outside investor. The so-called release price on the sale varies, starting at $425 million and declining to $375 million by 1996, the spokesman said.

Mr. Trump has the right, however, to first buy back the 49% stake before it is offered to an outside investor. If the hotel is sold to an investor, a third loan of $135 million to Mr. Trump would be erased, the spokesman said.

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