September 21, 2014 |
The owners of the $129 million utility plant that heats and cools the shuttered Revel Casino Hotel in Atlantic City warned in a court filing Friday that the plant itself might have to file for bankruptcy. ACR Energy Partners L.L.C., a joint venture of South Jersey Industries Inc. of Folsom, N.J., and DCO Energy L.L.C. of Mays Landing, N.J., has been paid just $2.35 million of the $11.85 million it has billed since Revel filed for its second bankruptcy in June. Before the bankruptcy, Revel was at least $11 million behind on its ACR payments, which include $1.7 million a month in fixed payments for debt service and returns on the $40 million in equity invested by the partners, according to court records.
September 11, 2014 |
The purge of Atlantic City's weakest casinos continued Tuesday, as Trump Entertainment Resorts Inc. filed for bankruptcy in Delaware, a week before it plans to shut down Trump Plaza. The company also said it expects to pull the plug on Taj Mahal in November if it fails to get concessions from the casino's unionized workers. The Taj Mahal, which employs 2,963, would be the fifth Atlantic City casino to close this year. Despite the threat of closure, Bob McDevitt, president of Unite Here Local 54, said there was little the union could do to help bail out Trump Taj Mahal.
August 9, 2014 |
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. But lawyers and other bankruptcy experts - none involved in the Revel case - outlined, in general terms, the factors that may be at play. Such a delay is not unheard of, they said in interviews on Thursday, but it does not mean Revel's investment bankers received so many bids that they could not get through them in time to start the auction on schedule Thursday.
August 7, 2014 |
There has been no word so far this week on bids for the bankrupt Revel casino, which were due Monday in preparation for an auction Thursday if more than one qualified bid was received. But a U.S. Bankruptcy Court filing Tuesday in Camden by the investment bank Moelis & Co. L.L.C., charged with finding a buyer for Revel, revealed some details. In the filing, Moelis said it was owed $150,000 in fees, plus $5,950 in expenses, for its work on the sale of Revel, which it calls "Project Redwood.
July 30, 2014 |
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
July 17, 2014 |
The man who flailed and failed at turning an old Norristown shopping center into a movie studio has filed for bankruptcy, a move that places on hold Montgomery County's lawsuits it filed to recoup some of the $24.5 million it lost in the development deal. The county's efforts to recover money from developer Charles Gallub will shift to U.S. Bankruptcy Court in the District of New Jersey. That is where Gallub, whose business is based in Bellmawr, N.J., filed for Chapter 11. His attorney could not be reached for comment.
July 16, 2014 |
ATLANTIC CITY - With the Trump Plaza Hotel & Casino's expected closing, Donald Trump, whose name is emblazoned on the casino and who once owned three of the gambling palaces here, said he can't help but feel bad for the resort he helped build. In an interview Monday, Trump also predicted that an oversaturation of casinos would mean more closings in other places, including the Philadelphia area. Trump endured multiple bankruptcies as head of Trump Entertainment Resorts Inc., and he and his name will always be linked with Atlantic City even if his share of the casinos is now only about 10 percent.
July 13, 2014 |
ATLANTIC CITY - The list of casinos closing or expected to close here just keeps growing. Trump Plaza Hotel & Casino will shut its doors for good in mid-September, according to state officials who were briefed Friday by lawyers for the casino. "I believe Sept. 16 is the targeted closure date that we were told," said Assemblyman Vince Mazzeo (D., Atlantic). Mazzeo said he and State Sen. Jim Whelan (D., Atlantic) received a phone call late Friday afternoon from a Trump Plaza lawyer. Atlantic County officials also were briefed, he said.
June 21, 2014 |
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. The new filing came about 13 months after the company wiped out $932 million in debt and cut yearly debt payments by 96 percent in bankruptcy last year. Despite the massive debt relief, the casino at the north end of the Boardwalk continued losing money on an operating basis before debt payments. The loss was $21.75 million in this year's first quarter.
June 6, 2014 |
A bankruptcy judge in Philadelphia showed a trace of impatience with creditors of Deer Meadows Retirement Community at a hearing Wednesday. "I really expect there to be a settlement here, from the facts that I've heard," said Chief Judge Eric L. Frank after a session that included an hour-long recess punctuated by testy exchanges among lawyers. "I find it astounding that there is no agreement on this," he continued, before scheduling another hearing in the case Monday. Specifically, Frank was referring to the conditions under which Deer Meadows, where nearly 500 elderly live, including many in a nursing home, is allowed to spend cash that also functions as collateral for lenders.