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.
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