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A federal bankruptcy judge in Camden on Tuesday approved the sale of Atlantic City‘s Revel Casino Hotel for $110 million to Brookfield Asset Management Inc.
“I believe the high bid of Brookfield should be approved,” U.S. Bankruptcy Judge Gloria M. Burns said.
The sale will mark the beginning of a new chapter in the short and tumultuous history of the $2.4 billion property that struggled from the day it opened in 2012.
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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.”
Read more at http://www.philly.com/philly/business/20140911_Stricken_Revel_has_a_buyer_for__90M_in_cash.html#UYw7HbKdWPWbAI8K.99
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DETROIT — Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.
Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
A number of factors — most notably steep population and tax base falls — have been blamed on Detroit’s tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.
In recent months, the city has relied on state-backed bond money to meet payroll for its approximately 10,000 employees.
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.
NEW YORK, N.Y. – Digital First Media, which operates MediaNews Group, Journal Register Co. and Digital First Ventures, on Wednesday announced that JRC filed voluntary petitions for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of New York and will seek to implement a prompt sale.
“We expect the auction and sale process to take about 90 days, and we are pleased to announce the company has a signed stalking horse bid for Journal Register Company from 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC,” said John Paton, CEO of Digital First Media.
The filing enables JRC to continue normal business operations during the sale process.
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Borders filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in New York on Wednesday.
Borders is hemorrhaging cash at the rate of $2 million dollars a day from underperforming stores. Borders intends to close 200 of its 642 stores nationwide. The closures will come in the next few weeks. Clearance sales could start as early as this weekend.
Borders will receive $505 million in debtor-in-possession financing from GE Capital Partners and others to help with the reorganization. Borders owes over $100 million to various publishers. Book sales nationwide fell 5 percent in 2010. Borders controls 14.3 percent of the book selling market. Barnes & Noble, on the other hand, controls 29.8 percent of the market which is helping them survive the economic downturn.
Borders has been in business since 1971, when it started out with one used bookstore in Ann Arbor, Michigan. Borders was owned by Kmart Corp. from 1992 until 2006. Borders committed a fatal error when it opted out of their e-commerce contract with Amazon.com in 2001. This decision made it possible for Barnes & Noble to eventually double Borders market share.
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