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.
