CAMDEN, NJ-US Bankruptcy Court Judge Judith Wizmur approved the bankruptcy plan of the Revel on Monday, thus wiping out most of the Atlantic City casino's debt and providing it with new financing to operate.

Judge Wizmur also granted approval of Revel's plan to give an 82% ownership interest to its lenders in return for negating approximately $1.2 billion in debt, according to the Associated Press.

“The confirmation of our plan is the last major milestone of the restructuring process," Revel's interim CEO Jeffrey Hartmann said in a statement after the ruling. "We look forward to officially emerging from Chapter 11 by the end of this month with a right-sized balance sheet and a significant reduction in our annual interest expense. The restructuring has been nothing short of transformative for Revel, and I would like to thank our lenders for their ongoing faith in our business, as well as our guests, vendors and employees for their continued support."

Prior to its bankruptcy filing this past Mach, Revel had encumbered $1.52 billion in debt. The casino is expected to exit bankruptcy, perhaps in the next few days, with debt totaling approximately $272 million. See Associated Press story in The Record.