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FEB 19, 2013 - Business Insider

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The Most Ambitious Casino In Atlantic City Is Prepping For Bankruptcy

ATLANTIC CITY, N.J. (AP) — Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening. The voluntary, pre-packaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders. Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resort more flexibility to operate. "Today's announcement is a positive step for Revel," DeSanctis ... Read More

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