Deals
Revel Reaches Deal With Creditors to Start Sale Process
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Revel AC Inc., whose Atlantic City, New Jersey, casino has been in bankruptcy twice since it opened in 2012, resolved unsecured creditors’ objections to a sale process, and now will see whether any bidders are willing take a gamble on the ailing resort.
Revel and lender Wells Fargo & Co. today reached a deal with the official committee of unsecured creditors over lenders’ ability to offer debt rather than cash in an auction for the company’s assets. At a hearing in U.S. Bankruptcy Court in Camden, New Jersey, they also agreed on a deadline for submitting offers.