U.S. Bankruptcy court approved Revel AC’s a motion for entry of (i) an order (a) authorizing and approving bid procedures to be employed in connection with the proposed sale of the assets of the Debtors, (b) scheduling an auction and sale hearing, (c) authorizing and approving assignment procedures, (d) approving the manner and form of notice of the auction, sale hearing and assignment procedures and (e) granting related relief and (ii) an order (a) authorizing and approving the sale of the assets of the Debtors free and clear of liens, claims, encumbrances and interests and (b) granting related relief. Each bidder shall, on or before August 4, 2014 (the bid deadline), deliver to the Debtors a cash deposit of 10% of the purchase price. Each subsequent overbid must provide an incremental amount of at least 1million of value to the Debtors. An auction if needed will be held on August 7, 2014 followed by a sale hearing on August 8, 2014.
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.