Revel hopes for sale ‘soon’, seeks extension on Ch. 11 case
ATLANTIC CITY, N.J. (AP) -- The owners of Atlantic City's former Revel casino hope to sell it "soon," even as they seek an extension through the end of June to wrap up its bankruptcy case.
In a court filing made Monday, Revel AC said it is working toward finalizing the $82 million sale to Florida developer Glenn Straub's Polo North Country Club. A bankruptcy court judge is scheduled to consider the sale Thursday.
Straub's attorney, Stuart Moskovitz, said he plans to close soon after the sale is approved. He said the extension to let Revel AC line up support for its exit from bankruptcy won't affect the sale.
"It should have no impact whatsoever on us," he said Tuesday.
If Judge Gloria Burns approves the sale of Revel to Straub on Thursday, Moskovitz said the closing "would be rather imminent. We want to get it done right away."
The deadline for Revel AC to complete its Chapter 11 bankruptcy case is currently April 30. The company said it needs more time to solicit support for and execute an exit plan from bankruptcy.
Revel said in its filing it has "diligently worked with Polo North and (is) now working towards finalizing a sale to Polo North" under an amended sale agreement. "The debtors hope to consummate the sale soon."
It is far from certain, however, that Burns will approve the sale on Thursday. On March 13, she declined to approve the sale, saying she lacked jurisdiction to approve the sale, which had changed from one she authorized in January. Further complicating matters are numerous appeals and objections from former business tenants at the casino, including restaurants and nightclubs, and a utility plant built just for Revel.
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