Judge to rule on Revel AC asset purchase deal termination on Thursday

By Caroline Salls

Pittsburgh, Feb. 17 – The court ruling on Revel AC, Inc.’s motion for termination of the asset purchase agreement with Polo North Country Club, Inc. will be made on Thursday, according to a Feb. 17 filing with the U.S. Bankruptcy Court for the District of New Jersey.

The hearing on the purchase agreement termination motion was held on Tuesday.

Judge Gloria M. Burns will announce her decision at the telephonic hearing scheduled for 3:30 p.m. ET on Feb. 19.

As previously reported, Revel AC asked the court to terminate its $95.4 million asset purchase agreement with Polo North in light of Polo North’s failure to close the sale.

Revel AC is also looking to keep Polo North’s $10 million deposit toward the purchase price.

Under the asset purchase agreement, Revel said Polo North was contractually obligated to close the sale by Jan. 23, which it did not do. The purchase agreement gave Polo North until Feb. 9 to close the sale before Revel AC could terminate the agreement.

The company said Polo North did not close the sale by Feb. 9, prompting Revel’s decision to terminate the purchase agreement.

Revel, an Atlantic City, N.J.-based gaming and entertainment company, filed for bankruptcy on June 19, 2014. The Chapter 11 case number is 14-22654.

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