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.