Revel Casino in Atlantic City officially files for bankruptcy
ATLANTIC CITY, N.J. - March 25, 2013 (WPVI) -- Atlantic City's Revel Casino has officially filed for Chapter 11 bankruptcy re-organization.
The plan would give lenders equity in the casino in exchange for the debt they are owed.
A majority of lenders have signed into the plan.
The hope is that it should reduce debt by 82 percent, but won't affect employees, visitors, or vendors.
Revel executives plan to come out of Chapter 11 by early summer, in time for the busy season.
new jersey, atlantic city, casinos, local/state
- Malaysian police examine pilot's flight simulator 29 min ago
- AccuWeather: Tracking light snow tonight
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Police: Driver, who hit pedestrian, hit by car
- Police: Man strikes own brother in hit and run
- Berks County man stabbed to death in Bahamas
- 2 men, sitting in SUV, shot in Chester 26 min ago
- Van crash leaves 2 men trapped in Center City
- Victim critical after stabbing in Frankford 27 min ago
- 2 women injured in Overbrook fire 30 min ago
- Delaware man charged with 12th DUI
- Honda recalling 886,815 Odyssey minivans
- Comedian David Brenner, 'Tonight' favorite, dies
- Malaysian police examine pilot's flight...
29 min ago