Revel AC Inc., owner of an Atlantic City, New Jersey, casino that opened in April, filed for bankruptcy after reaching an agreement with lenders on a debt-for-equity swap.
Revel listed $1.1 billion in assets and $1.5 billion in debt in a filing Monday in U.S. Bankruptcy Court in Camden, New Jersey. It asked U.S. Bankruptcy Judge Judith H. Wizmur to schedule a May 13 hearing on the lender-backed reorganization plan. When enough creditors support a so-called prepackaged bankruptcy, companies can exit Chapter 11 more quickly than normal.
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