Revel Looks To Slash $1B In Debt With Ch. 11 Plan

Law360, New York (March 26, 2013, 3:18 PM ET) -- Atlantic City casino operator Revel AC Inc. filed for Chapter 11 bankruptcy Monday under a private equity-backed plan that will reduce its debt load by more than $1 billion, saying it may sue its general contractor over alleged delays that cost it $100 million.

Revel said that it had reached a consensual reorganization plan with creditors, reducing its debt from $1.52 billion to $272 million using a debt-to-equity conversion. Revels lenders include Canyon Capital Advisors and Chatham Asset Management, according to court filings.

“Backed by overwhelming...
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