Judge Approves Revel Sale To Reluctant Buyer At $95.4M

A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub’s effort to pay only $87 million.

The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order – particularly how concerns of tenants and others will be handled – bogged down during a break.

Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.

Once a sale order is signed, the sale of the property, built at a cost of $2.4 billion, is expected to close within 30 days, according to the asset purchase agreement.

Read more at http://www.philly.com/philly/business/20150106_Judge_approves_Revel_sale_at__95_4M.html#E22YTTlqip5srAzV.99

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