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Court OKs Revel’s Chapter 11 Reorganization Plan

A bankruptcy court judge in New Jersey has approved Revel’s Chapter 11 restructuring plan, which will wipe out most of the Atlantic City casino’s debt and provide new money for it to operate.

Revel Casino
Flickr user Grant Guarino

Judge Judith Wizmur in Camden gave the OK on Monday to Revel’s plan to grant an 82 percent ownership stake to lenders in return for canceling $1.2 billion in debt.

Revel’s annual interest payments will fall from $102 million to $46 million. Money the casino used to pay toward debt will now go toward operations.

The $2.4 billion casino-resort has struggled since it opened 13 months ago. It has ranked near the bottom of Atlantic City’s 12 casinos in terms of the amount of money won from gamblers each month.

The casino could exit bankruptcy court within days.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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