Revel AC court approves bid procedures for asset sale; hearing Aug. 8

By Kali Hays

New York, July 14 – Revel AC, Inc. obtained court approval of the bid procedures related to the sale of company assets, according to a July 14 order with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company said pre-bankruptcy marketing of the assets did not result in a stalking horse asset purchase agreement.

Though Revel has not set a preliminary bid amount, the company said it is confident that indications of interest received and negotiations held during the marketing process are good indicators of the value of its assets.

Under the approved bid procedures, the deadline to submit a qualified bid is Aug. 4.

Qualified bids must be accompanied by a cash deposit worth 10% of the bid.

Bidders that are willing to sign a confidentiality agreement will be allowed to conduct due diligence through Aug. 3.

An auction is set to take place Aug. 7 if the company receives more than one qualified bid for the assets.

Each overbid during the auction must be made in increments of $1 million.

The sale hearing is scheduled for Aug. 8.

Revel, an Atlantic City, N.J.-based gaming and entertainment company, filed for bankruptcy on June 19. The Chapter 11 case number is 14-22654.

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