Revel AC, Lenders Agree To Ch. 11 Restructuring

Law360, Los Angeles (February 19, 2013, 10:15 PM EST) -- Revel AC Inc. has reached an agreement with the majority of its lenders to significantly reduce its debt by enacting a debt-for-equity conversion restructuring through voluntary, prepackaged Chapter 11 cases, the casino announced Tuesday.

The announcement comes less than a month after Ashton, Pa.-based subcontractor Pyro-Stop LLC filed suit against Revel Casino in Atlantic City, N.J., and two other construction companies over an alleged failure to pay $940,291 of more than $2.1 million in firestopping work associated with the development of the beachfront resort, claiming Revel was...
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