Revel AC Sale Approval Sought


According to the U.S. Bankruptcy Court docket, Revel AC filed an emergency motion for entry of an order approving the sale of the Debtors’ assets free and clear of liens, claims, encumbrances and interests and granting related relief.

The motion explains, “On March 13, 2015, the Court denied the Debtors’ motion dated February 24, 2015 to amend the Original Polo North APA…for lack of jurisdiction due to certain pending appeals of the Original Polo North Sale Order….Consistent with the Court’s ruling above, the Debtors and Polo North have agreed to file this Motion for a new sale with a full hearing on the merits. The Amended Polo North APA filed with this Motion is substantially identical to the prior proposed amendment filed a month ago and as to which the Court has already conducted two evidentiary hearings lasting almost 14 hours. The Amended Polo North APA contains a cash purchase price of $82 million; a fully funded cash deposit in the amount of $82 million; specific performance; and a March 31, 2015 closing date should the Court approve this Motion by March 30, 2015 in accordance with the proposed Sale Order.”

The motion continues, “Like the Original Polo North APA, the Debtors are required to use commercially reasonable efforts to obtain entry of the Sale Order that provides for the sale free and clear of leasehold interests. The holders of such leasehold interests (the Amenity Tenants, IDEA Boardwalk, and ACR Energy Partners) are expected to object to the Motion again and have their objections heard by the Court at the hearing on the Motion. The objections by such parties were the subject of (i) two days of hearings before this Court in early January, and (ii) voluminous appeals and hearings before the United States District Court for the District of New Jersey and the United States Court of Appeals for the Third Circuit. No new or novel issues are presented by this Motion, and such parties will have a full and fair opportunity to present their objections once again to this Court for a ruling on the merits. The Polo North APA remains the highest and best – and only – definitive purchase agreement available to the Debtors after an exhaustive and costly 9-month sale process conducted during these Chapter 11 Cases.”

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