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BRIEF-Revel casino parent eyes sale through Chapter 11 process via auction
June 19, 2014 / 9:55 PM / 3 years ago

BRIEF-Revel casino parent eyes sale through Chapter 11 process via auction

June 19 (Reuters) - * Revel casino parent’s chief restructuring officer says company may undergo

court-supervised auction, leading to sale of substantially all its assets --

court filing * Revel ac chief restructuring officer says that despite reducing operating

losses after prior bankruptcy, company still struggled with utility costs,

severance, litigation costs, and tight liquidity * Revel ac chief restructuring officer says investment banker Moelis & Co tried

to help it find a buyer, including one with which it held ‘prolonged’ talks,

but no deal was reached * Revel ac chief restructuring officer says company has arranged $41.9 million

of debtor-in-possession financing * Revel ac chief restructuring officer says company’s ultimate goal in chapter

11 is to sell the business, and maximize value for stakeholders

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