Revel awaits bankruptcy court clearance for reorganization

05/8/2013 | Press of Atlantic City (N.J.), The

Revel Entertainment Group expects on Monday to obtain approval from the U.S. Bankruptcy Court to reorganize the finances and ownership of its $2.4 billion casino resort in Atlantic City, N.J. The proposed reorganization would grant lenders ownership of the property in exchange for canceling Revel's $1 billion debt. "We are looking forward to the May 13 confirmation hearing, which marks the last major milestone in our restructuring process, and to emerging from our financial restructuring poised for a successful summer season," said Jeffrey Hartmann, interim CEO at Revel.

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Press of Atlantic City (N.J.), The

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