Revel AC plans March 22 bankruptcy filing; Hartmann named interim CEO

By Caroline Salls

Pittsburgh, March 13 - Revel AC Inc. plans to file its pre-packaged Chapter 11 bankruptcy case on March 22 in the U.S. Bankruptcy Court for the District of New Jersey, according to a news release.

Revel said the reorganization process is expected to take about 30 days to 60 days. The company expects to emerge from Chapter 11 by early summer.

In addition, Revel said Jeffrey Hartmann has been appointed as interim chief executive officer, subject to regulatory approval. Hartmann has worked with the company as a consultant since the beginning of 2013. Before that, he served as president of the Hartmann Group, LLC.

Upon regulatory approval of Hartmann's appointment, Revel said Kevin DeSanctis will resign from his position as CEO, president and chairman of the board. Michael Garrity will also resign from his role as the company's chief investment officer.

DeSanctis and Garrity will retain their positions as CEO and CIO, respectively, of holding company Revel Group, which will no longer be affiliated with Revel AC upon the conclusion of the Chapter 11 cases.

"Revel's resort is the marquis asset in the Northeast, and, with a right-sized balance sheet and under Jeff's stewardship, I am confident that Revel is poised for success," DeSanctis said in the release.

"I look forward to concentrating my efforts on Revel AC's many exciting development projects, in addition to expanding the Revel Group brand."

The company said it will enter into a development agreement with Revel Group to oversee and ensure the successful and timely completion of Revel's new amenity projects. DeSanctis and Garrity will also provide advice to the management of Revel AC and the board of directors to ensure a seamless transition in day-to-day management of the Atlantic City resort.

The licensing agreement under which the Revel name is licensed to Revel AC will also remain in place.

Revel is a gaming and entertainment company in Atlantic City, N.J.

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