Revel has asked a bankruptcy judge to end the proposed sale with Brookfield U.S. Holdings.Revel is also asking the judge to allow Glenn Straub’s company  to purchase the casino instead of Brookfield.

According to the Press of Atlantic City,  Brookfield failed to close on the property by the Nov. 28 deadline, and announced publicly that it was “walking away from the transaction.”

Brookfiled's initial bid for Revel was $110 million with Straub having the second highest bid at $95.4 million. After winning the right to buy Revel for $110 million in an auction, Brookfield decided to terminate the deal because of a bond debt. The bond debt was linked to construction of Revel’s personal power plant.

Check back for more updates on the ongoing Revel drama.

 

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