ATLANTIC CITY, N.J. (AP) -- Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening. The voluntary, pre-packaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders. Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resor...
The Most Ambitious Casino In Atlantic City Is Prepping For Bankruptcy
Business Insider - 20 Feb 2013 05:06
ATLANTIC CITY, N.J. (AP) -- Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening. The voluntary, pre-packaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders. Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resor...
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