Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Real Estate

Revel AC Plan Confirmed, Effective

The U.S. Bankruptcy Court confirmed Revel AC's Second Amended Joint Chapter 11 Plan and the Plan concurrently became effective, allowing the Company to emerge from Chapter 11 protection. According to documents filed with the Court, the Liquidating Plan provides for the following: The DIP Claims shall be allowed in full on the effective date and the DIP Lenders shall receive on the plan distribution date full in cash from any available estate proceeds. Holder of allowed administrative claim shall receive (i) the amount of such holder's allowed administrative claim in one cash payment, or (ii) such other treatment as may be agreed upon in writing by the liquidation trustee and such holder. At the election of the liquidation trustee, each holder of an allowed tax claim will receive in full satisfaction of such allowed tax claim payments." At the confirmation hearing, Bankruptcy Judge Michael Kaplan remarked, "Revel was a disaster. Revel needs to be buried; it's not my intention to leave a carcass out there that can be gnawed at and picked at endlessly." This was Revel AC's second bankruptcy filing. This resort casino owner and operator most recently filed for Chapter 11 protection on June 19, 2014, listing $1.2 billion in pre-petition assets.

Read more Bankruptcy News