Judge Voids Revel Sale to Canadian Firm
Published on:
Dec/12/2014
CAMDEN, N.J. – (Associated Press) -A bankruptcy court judge has voided the proposed sale of the former Revel Casino Hotel in Atlantic City, New Jersey, to a Canadian firm that has since backed out of the deal.
Judge Gloria Burns on Friday granted a request by Revel Entertainment to cancel the $110 million sale to Toronto-based Brookfield Asset Management.
The company had won a court auction for the failed $2.4 billion casino resort. But it backed out when it could not resolve a dispute with bondholders over debt from the construction of the casino’s costly power plant.
Revel has asked the court to let the auction’s runner-up, Florida developer Glenn Straub, buy the property.
