Daily News: July 14, 2014

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