ATLANTIC CITY, NJ—After not reaching a deal by the deadline at midnight on Monday, attorneys for the shuttered Revel Casino Hotel say they were going to file court papers today to cancel its agreement to sell the $2.4-billion gaming facility to Florida developer Glenn Straub.
Revel had originally stated that it would scrap the $95.4-million sales deal if an agreement were not reached by midnight. However, a Revel attorney told the Associated Press that it would file a request with the US Bankruptcy Court to cancel the transaction sometime Tuesday morning.
"We do not plan to file that until the morning," attorney Michael Viscount said. "The court is not going to read or act on any such thing at this hour."
Straub will seek to have the bankruptcy court judge to approve an extension of the sale deadline to Feb. 28, according to the Associated Press. A hearing on that request is scheduled for Wednesday morning.
If the Straub sale is cancelled, it would mark the second sale for the casino hotel to fall apart. . In November, Brookfield Asset Management of Toronto backed out of a deal to buy Revel for $110 million.
It appears Revel will try to retain Straub's $10-million deposit. It earlier kept Brookfield's $11-million deposit after that sales deal collapsed. See Associated Press story at Yahoo.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.