The parent company of the Revel casino, in Atlantic City, announced late Monday it filed its bankruptcy plan in U.S. Bankruptcy Court, in Camden, to facilitate its previously announced financial restructuring. Under the plan, Revel AC Inc. will reduce its debt from approximately $1.52 billion to $272 million through a debt-for-equity conversion.
In an announcement, Revel said the restructuring is not expected to affect employees or vendors.
Under the restructuring, Revel will obtain $335 million in exit financing, which consists of a $75 million revolver and $260 million term loan to provide Revel with additional working capital, fund certain capital expenditures, repay financing and pay expenses related to the restructuring upon emergence from bankruptcy. Revel said it expects to complete its restructuring, which is subject to bankruptcy court approval and the conditions set forth in the restructuring agreement, within 45 to 60 days.