Revel Finishes Restructuring, Exits Ch. 11

Law360, New York (May 21, 2013, 6:28 PM EDT) -- 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 announced Tuesday.

Revel's emergence from bankruptcy comes two months after the resort and casino operator filed for bankruptcy protection and a week after it secured approvals from the New Jersey Casino Control Commission and a New Jersey bankruptcy court on its restructuring plan, which calls for cutting Revel's debt by $1.2 billion, or roughly 82 percent,...
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