ATLANTIC CITY-The Revel Resort & Casino has formally filed for Chapter 11 bankruptcy restructuring, beginning the process whereby operating its debt is reduced and lenders get equity in return, according to the Press of Atlantic City.
Revel, once the great hope of Gov. Chris Christie's administration for revitalizing Atlantic City, is looking to reduce its current $1.5 billion debt to $272 million through the financial restructuring. Creditors who hold loans will receive a stake in the business.
The casino has not performed up to expectations – and in fact, has operated well in the red – since it opened two years ago.
A few lenders have committed to lending Revel additional funds while it undergoes the Chapter 11 restructuring.
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