Revel, Creditors Agree On Auction Of Assets Worth Up To $1B

Law360, Los Angeles (July 11, 2014, 9:15 PM EDT) -- The bankrupt owner of Atlantic City's Revel Casino Hotel and Wells Fargo Principal Lending LLC on Friday reached a deal in New Jersey bankruptcy court with its unsecured creditors over proposed sale procedures in an auction of the company's assets, estimated to be worth up to $1 billion.

The parties agreed to bidding procedures for the auction — slated for early next month — in which lenders will be able to offer debt instead of cash, an attorney for Revel confirmed to Law360 on Friday....
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