Revel AC Bid Procedures Approved


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.

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