Revel agrees to prepackaged bankruptcy deal; reduces $1 Billion - NBC40.net

Revel agrees to prepackaged bankruptcy deal; reduces $1 Billion in debt

Posted: Updated:
ATLANTIC CITY -

Revel has agreed to a prepackaged Chapter 11 Bankruptcy deal that will reduce it's debt by over $1 Billion.

The deal, announced in a release Tuesday night, will allow the casino to exchange debt for equity with it's lenders.  Some of Revel's lenders are expected to provide $250 million in debtor-in-possession financing, with $45 million in new money commitments, according to the release from Revel.

The release states that guests, employees and day-to-day operations at the casino will not be affected.  All entertainment and other events will go on as scheduled.  Employees and vendors will also continue to work and operate as normal.

In a release from the casino, CEO Kevin DeSanctis calls the agreement "a positive step for Revel."

The deal is expected to be finalized by early summer.

Most Popular

Stories
Videos
loading...
Powered by WorldNow
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WMGM. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.