Christie-Backed Revel Atlantic City Plans Bankruptcy
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New Jersey Governor Chris Christie said investors are showing confidence in Atlantic City as Revel AC Inc. plans to file for a prepackaged bankruptcy that will reduce its debt burden by more than $1 billion.
Certain Revel lenders will provide about $250 million in debtor-in-possession financing, including $45 million of new loans, the company said yesterday in a statement. No taxpayer money will be used to finance the restructuring, Revel said.