Lawyer for Revel suggests talks ongoing to revive proposed sale of former casino

Industries Associated Press

A lawyer the former Revel Casino Hotel says talks are underway to try to revive its sale from bankruptcy court.

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The Press of Atlantic City (http://bit.ly/1pYf15u ) reports lawyer John Cunningham said during a break in a Thursday hearing in Camden that the proposed sale to a Canadian firm has not been terminated.

Brookfield Asset Management said last month it was terminating its deal to buy Revel for $110 million due to a dispute over debt from its costly power plant.

A Brookfield spokesman declined comment Thursday.

ACR Energy Partners, Revel's only power supplier, helped build the plant with $118.6 million in municipal bonds.

Revel's 20-year energy contract with ACR required the casino to repay that debt with about 11.6 percent interest.

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Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com