Atlantic City’s Revel casino targets quick bankruptcy exit
NJ Gov. Christie provided tax package
By Jonathan Stempel and canada goose coats Tom Hals
March buy canada goose jacket 26 (Reuters) Revel, a centerpiece of New Jersey Governor Chris Christie effort to revitalize canada goose clearance sale Atlantic City, said it hopes to complete a pre packaged restructuring canadian goose jacket within 60 days after the cheap Canada Goose Jackets Canada Goose Coats On Sale casino, open less than a year, filed canada goose black friday sale for bankruptcy protection.
With help from $250 canada goose uk shop million of financing, Revel expects to continue operations during the restructuring after its Chapter 11 Canada Goose Parka filing on Monday cheap Canada Goose night.
Built for $2.4 uk canada goose billion and featuring 1,800 hotel rooms, theaters, nightclubs and 14 restaurants, including several with celebrity chefs, Revel aimed to bring Las Vegas quality gambling to Atlantic City declining gaming business.
But the city first new casino since 2003 never lived up Canada Goose Jackets to its financial projections amid growing competition from canada goose factory sale nearby cheap canada goose uk Pennsylvania, and struggled to uk canada goose outlet meet its obligations after the late October evacuation of Atlantic City during Hurricane canada goose clearance Sandy.
Even before that storm, Revel had in the prior quarter the lowest occupancy canada goose rate for any Atlantic City casino. The casino opened on April 2, 2012.
Interim Chief Executive Jeffrey Canada Goose online Hartmann said he expects Canada Goose Online Revel restructuring, which requires court approval, to be complete before the critical summer season.
The restructuring plan calls for debt to be reduced by 82 percent to canada goose store $272 Canada Goose Outlet million from $1.52 billion through a debt for equity Canada Goose sale swap.
Lenders include Canyon Capital Advisors and Chatham Asset Management, which are expected to become owners after the canada goose uk black friday bankruptcy https://www.expeditionparkaoutlets.ca ends.
Christie had provided a $261 million tax package to help build Revel after Morgan Stanley, which had begun building the casino, pulled out of the project two years ago and took a $932 canada goose uk outlet million loss.
Revel has employed for its reorganization Alvarez Marsal as its restructuring adviser, Moelis Co as its investment banker, buy canada goose jacket cheap and the law firm Kirkland Ellis. Bankruptcy Court, District of New canada goose coats on sale Jersey, No. 13 16253.