In an effort to cure defaults on the EnCap remediation project in New Jersey's Meadowlands, the Trump Organization is negotiating with Wachovia Bank NA and Deutsche Bank to allow the German bank to purchase nearly $314 million of bonds and state loans that Wachovia now holds.

Both banks declined to give specifics on the potential deal, including how much Deutsche is offering for the bonds. Trump last week submitted to the New Jersey attorney general's office a budget and financing proposal for the remediation project, indicating that Deutsche may buy the $210 million of bonds and another $104 million of Department of Environmental Protection debt from Wachovia.

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