CAMDEN, N.J.— A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building. Judge Gloria M. Burns approved the auction date along with a $3 million breakup fee that Straub would be paid if the sale to him doesn't go through.» Read More
Christie and New Jersey Democrats have said Atlantic City's economy, heavily dependent on casinos, needs to be broadened.
Aug 13- A federal judge on Wednesday once again delayed the start of the key phase of Detroit's historic bankruptcy case, pushing it to Aug. 29 from Aug. 21.
Bankruptcy Judge Steven Rhodes on Wednesday pushed the start of the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history to Aug. 29 from Aug. 21, with opening statements scheduled for the following Tuesday, Sept. 2.
Aug 12- A federal judge could once again push back the start date for the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history after some creditors said on Tuesday a possible settlement is snarling key components of the restructuring plan.
Revel Casino is the fourth casino in Atlantic City to close this year. Insight to the resort's closing, with CNBC's Morgan Brennan.
Revel Casino in Atlantic City will be the fourth casino to close this year. CNBC's Morgan Brennan reports the casino is in bankruptcy.
Atlantic City's Revel Casino Hotel says it will shut down in September after failing to find a buyer in bankruptcy court.
Revel Casino in Atlantic City will close no later than September 10th after no bidders came forth to purchase the casino at auction. CNBC's Morgan Brennan reports.
WASHINGTON, Aug 11- Detroit's largest union said on Monday that the city's historic bankruptcy proceedings have given the management of the water and sewer department opportunities to disrupt bargaining units and strip union members of job protections.
Aug 11- Mobile service provider NII Holdings Inc, reporting its ninth quarterly loss in a row, said on Monday it may have to file for bankruptcy after struggling to compete in Brazil and Mexico. The company, which operates in Latin America under the Nextel brand, ended the second quarter with a net debt of $4.8 billion and with $1 billion in cash and investments.
Revel's auction had already been postponed one week to allow for more time to review bids, court filings indicated.
Former chair of the FDIC Sheila Bair, gives her take on Bank of America's potential landmark settlement with the Justice Department, and shares her thoughts on "too big to fail."
Aug 7- The bankrupt Revel Casino Hotel in Atlantic City, New Jersey, has postponed an auction of the 1,400- room property by a week to Aug. 14 to allow more time to evaluate bids, according to a court filing late on Wednesday.
WASHINGTON, Aug 6- The city of Detroit is zeroing in on financing for its exit from bankruptcy and intends to have a committed lender in coming weeks, its lawyers told Bankruptcy Judge Steven Rhodes on Wednesday.
We've pulled together a list of just some of retailers that have disappeared over the last 25 years. Bring on the nostalgia.
JUDGE GRIESA: "THE DEBTS WEREN'T EXTINGUISHED. THERE'S NO BANKRUPTCY, NO INSOLVENCY PROCEEDINGS. THE DEBTS ARE STILL THERE. "
July 29- Detroit has been making progress in settling disputes with its public safety unions, a development that has put the brakes on several appeals in federal court of a ruling that the city was eligible for municipal bankruptcy, attorneys said on Tuesday.
July 25- Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors.
July 24- Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit.
Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.