TITLE

Atlantic City's Revel Files Prepackaged Chapter 11

PUB. DATE
February 2013
SOURCE
National Real Estate Investor Exclusive Insight;2/20/2013, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the move by entertainment resort, hotel, casino and spa Revel AC Inc. to file a prepackaged Chapter 11. The resort has reached an agreement with a majority of its lenders regarding a debt-for-equity conversion for a significant reduction in debt. It discusses the restructuring process which includes the provision of around 250 million U.S. dollars in debtor-in-possession financing (DIP) by the lenders. It is said that tax payer funds will not be used in the restructuring.
ACCESSION #
86404163

 

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