NJ's newest casino, Revel, to file for Chapter 11

Revel AC Inc. has completed its financial restructuring and emerged from Chapter 11 bankruptcy with lenders now owning an 82 percent stake in the Atlantic City luxury resort and casino, it AC Revel Inc., owner of the struggling Revel casino in Atlantic City, formally filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Camden Monday, as expected. The company filed at 10:20 p.m. NJ's newest casino, Revel, to file for Chapter 11 bankruptcy in March to eliminate $1B in debt. Revel is Atlantic City’s newest casino and is also among its worst-performing in terms of revenue, a fact that the management of the property hopes will change now that the casino has emerged from Chapter 11 bankruptcy protection. Having only filed for bankruptcy in late March, the quick emergence can be attributed to the fact that Revel had a pre-arranged debt for equity deal set up with New Jersey’s newest casino, the 10-month-old, $2.4 billion Revel Atlantic City, announced on Tuesday that it is preparing to file for bankruptcy. FILE - This Oct. 17, 2012 file photo shows the Revel, Atlantic City, N.J.'s newest casino. Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, on Tuesday, Feb. 19, 2013 said that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. Less than one year after opening, Revel AC, Inc. and its subsidiaries (“Revel”), the owner and operator of Revel Casino in Atlantic City, New Jersey is preparing to file for Chapter 11 bankruptcy protection. According to a Form 8-K filed with the Securities and Exchange Commission on February 19, 2013, Revel has entered into a Restructuring Support Agreement with a majority of its (1 Revel Casino Prepares for Chapter 11 By Alexandra Berzon And Mike Spector. Updated Feb. 19, 2013 10:32 pm ET The owner of the struggling Revel casino in Atlantic City, N.J., is preparing to file

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