Contact Us
Make My Homepage

Judge OKs Revel’s Bankruptcy Plan

A bankruptcy court judge has agreed to let Atlantic City’s newest casino keep the door open and the dice rolling.

Judge Judith Wizmur on Thursday approved a “debtor-in-possession” plan allowing Revel to continue operations while it is in bankruptcy.

The $250 million financing plan lets the casino pay employees, buy supplies, and continue player loyalty programs.

Revel also announced it reached a settlement with Atlantic City over back and future taxes on the $2.4 billion resort. The compromise plan assessed Revel at a higher rate than its owners say it’s worth, but lower than the rate Atlantic City sought.

The judge must still rule next month on Revel’s plan to eliminate 82 percent of its $1.5 billion debt by converting most of it into equity for lenders.

 

Copyright 2013 The Associated Press.

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!