Revel, which many hoped would turn around Atlantic City’s struggling casino market, has filed for Chapter 11 bankruptcy protection.
Under yesterday’s filing, most of the casino’s debt will be converted into equity for its lenders. The deal would wipe out 82 percent of Revel’s $1.5 billion in debt, leaving it with a much more manageable $272 million in debt.
A majority of Revel’s creditors has agreed to the filing’s terms.