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Revel AC Sale Approved

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The U.S. Bankruptcy Court declared private equity firm Brookfield US Holdings’ $110 offer as the winning bidder and approved the sale of substantially all of Revel AC’s assets. According to the order, “The Sale Motion is granted. Any objections to the Sale Motion or the entry of this Sale Order that have not been withdrawn, waived or settled, and all reservations of rights included therein, are denied and overruled on the merits and with prejudice.” Under the purchase agreement, Brookfield US Holdings will acquire all gaming machines, equipment, computers, furnishings and customer databases; however, the agreement specifies that Brookfield US Holdings “shall have no obligation to make any offers of employment to employees.” Revel AC’s attorney, John Cunningham of White & Case, comments, “It’s the most logical buyer with a gaming background who sees it as a state-of-the-art casino on the boardwalk.”

More on Revel AC, Inc. (2014)

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