Revel AC allowed to terminate $95.4 million asset sale to Polo North

By Kali Hays

New York, Feb. 19 – Revel AC, Inc. received authorization to terminate the asset purchase agreement with Polo North Country Club, Inc for the $95.4 million sale of substantially all company assets, according to a Thursday entry with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, Revel AC asked the court to terminate the purchase agreement 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, but the court ordered that the deposit amount be held in escrow and is not to be distributed until a further order is entered.

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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