ATLANTIC CITY, N.J. – A power plant at the heart of two failed deals to sell Atlantic City's former Revel casino wants a bankruptcy court judge to cancel the latest proposed sale and appoint a trustee to liquidate the property instead.
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ACR Energy Partners wants the court to convert Revel's bankruptcy from a Chapter 11 restructuring case, in which the business would re-open under new ownership, to a Chapter 7 case, in which a trustee would liquidate the remaining assets.
The company says the latest sale contract to Florida developer Glenn Straub would leave nothing for most creditors, and would cost the power supplier $32 million.
A judge will consider the request — and the proposed sale — on Wednesday.
ACR calls the $82 million sale to Straub "hopelessly flawed."