Revel AC court allows shortened extension of plan solicitation period

By Kali Hays

New York, Dec. 15 – Revel AC, Inc. received an extension of the exclusive period in which it can solicit votes on the company’s plan of reorganization, according to an order Friday in the U.S. Bankruptcy Court for the District of New Jersey.

The solicitation period is extended through Jan. 30 from Dec. 16, although Revel asked for an extension through March 16.

As previously reported, Revel said the additional time was needed so the company can close its $110 million asset sale to Brookfield US Holdings LLC, which it subsequently terminated.

Revel is now seeking approval of a sale to Polo North Country Club, Inc. for $95.4 million.

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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