Stricken Revel Has A Buyer – For $90M In Cash

Map of New Jersey

Map of New Jersey (Photo credit: Wikipedia)

Revel AC Inc. said in a bankruptcy court filing Wednesday that it had reached a deal to sell its $2.4 billion Atlantic City property to South Florida developer Glenn Straub for $90 million in cash.

The deal was reached Friday, according to the filing. That was less than a week after Revel closed, putting nearly 3,000 people out of work.

The offer is less than 4 percent of the casino’s original price tag.

“It’s not going to be just a casino,” Straub said. “There’s four people that would make excellent casino operators, but that building is much, much more than just a casino.”


Twinkies Maker Hostess: 110 Suitors Are Lined Up

NEW YORK – The future of Twinkies is virtually assured.

Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its roster of snack cakes to find a second life with new owners – even as 18,000 jobs will be wiped out.

The company said in court that it’s in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos.  The suitors include at least five national retailers such as supermarkets, a financial advisor for the company said.  The process has been “so fast and furious” Hostess wasn’t able to make its planned calls to potential buyers, said Joshua Scherer of Perella Weinberg Partners.

“Not only are these buyers serious, but they are expecting to spend substantial sums,” he said.

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