Revel AC asset sale and disclosure hearings pushed back to Sept. 15

By Caroline Salls

Pittsburgh, Aug. 28 – Revel AC Inc.’s asset sale and disclosure statement hearings were continued to Sept. 15 from Sept. 2, according to an agenda filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

Revel said on Monday that it plans to cease gaming operations at the Revel Casino Resort at 6 a.m. ET on Sept. 2 and be closed to the public after that time, according to a status report filed Aug. 25 with the U.S. Bankruptcy Court for the District of New Jersey.

According to the report, the company remains hopeful that a qualified bid for its assets will emerge from continued negotiations with potential bidders and that a competitive auction will develop.

As previously reported, the company did not select a stalking horse or set a preliminary bid amount but said that indications of interest received and negotiations held during the marketing process were good indicators of the value of its assets.

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

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