Revel AC Inc. has resolved unsecured creditors’ objections to a sale process and can now move to put the property up for sale through a bankruptcy auction.
According to Bloomberg News, Revel and lender Wells Fargo & Co. reached a deal with the official committee of unsecured creditors over lenders’ ability to offer debt rather than cash in an auction for the company’s assets.
The U.S. Bankruptcy Court in Camden can now formally approve the sale procedures.
The company plans to hold an Aug. 7 auction and bids to take part in the auction must be submitted by Aug. 4, according to Bloomberg.
Revel has warned its more than 3,000 employees that it could close as early as August 18 is a buyer isn’t found.
