Revel Seeking to Increase Wells Fargo Bankruptcy Loan
Bloomberg reported that the back-up bidder for Revel AC, now having the right to buy the shuttered Atlantic City, NJ casino, wants the bankruptcy judge to cut the $95.4 million purchase price by $8.4 million in view of alleged improprieties in the auction process.
Separately, Revel and Atlantic City reached a settlement where the casino will pay the city $26 million to resolve a dispute over 2014 real estate taxes, Bloomberg said.
Bloomberg noted that Revel will ask for an increase in availability under its bankruptcy loan from Wells Fargo to cover the tax payment. Revel said it also needs a larger loan to fund operations through the January 8 final-approval hearing, Bloomberg said.
To read the full Bloomberg report, click here.