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Revel AC wins approval of $82 million sale of assets to Polo North
By Caroline Salls
Pittsburgh, April 6 – Revel AC, Inc. received court approval to sell its assets to Polo North Country Club, Inc. under an amended $82 million asset purchase agreement, according to an order filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.
As previously reported, the court denied Revel’s Feb. 24 motion to amend its original asset purchase agreement with Polo North for lack of jurisdiction as a result of pending appeals of the original Polo North sale order.
However, as part of its order denying the amended sale agreement, the company said the court clarified that Revel only had two options available regarding the sale order on appeal. Because the stay pending appeal only implicates one paragraph of the sale order, the court said the sale as originally proposed could go forward without that paragraph, but Polo North was unwilling to move forward without it.
Alternatively, the court said the Revel debtors could file a motion to approve a new sale with a full hearing, which Revel and Polo North agreed to do.
The company said the amended purchase agreement “is substantially identical to the previously proposed amendment.”
Specifically, the March 20 amended agreement contains a cash purchase price of $82 million and a fully funded cash deposit.
Like the original Polo North purchase agreement, the Revel debtors are required to obtain entry of a sale order that provides for the sale free and clear of leasehold interests.
“The Polo North APA remains the highest and best – and only – definitive purchase agreement available to the debtors after an exhaustive and costly nine-month sale process conducted during these Chapter 11 cases,” the motion said.
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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