CAMDEN, NJ—With a decision expected on Thursday, Revel Casino Hotel officials and Florida investor Glenn Straub met privately to try and iron out a sales deal.
US Bankruptcy Court Judge Gloria M. Burns postponed her ruling on Tuesday on whether to terminate a $95.4-million deal by Straub to acquire the shuttered Atlantic City casino. She has scheduled a telephone hearing for Thursday at 2 p.m. when she is expected to announce her decision, according to The Inquirer.
Straub said after the court hearing that he believed the parties were close to a new deal. Shaun Martin, the chief restructuring office for Revel, testified on Tuesday that talks with Straub had taken place, but said that the price Straub offered was too low for Revel's lender Wells Fargo.
He also told the court Revel was convinced that the Florida-based investor would not complete the deal and that is what prompted Revel to seek to terminate the deal and look for new buyers. See story in The Inquirer.
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