Revel, Wells Reach Deal with Creditors
Bloomberg reported Revel AC, whose Atlantic City, NJ, casino has been in bankruptcy twice since it opened in 2012, resolved unsecured creditors’ objections to a sale process, and Wells Fargo will see whether any bidders are willing take a gamble on the ailing resort.
According to Bloomberg , Revel and Wells Fargo 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, and agreed on a deadline for submitting offers at a hearing in U.S. Bankruptcy Court in Camden, NJ.
To read the entire Bloomberg article, click here.
Previously on abfjournal: WSJ: Revel Casino Files for Bankruptcy Again, June 20, 2014