Lawyer for Revel suggests talks ongoing to revive proposed sale of former casino
A lawyer the former Revel Casino Hotel says talks are underway to try to revive its sale from bankruptcy court.
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.
Information from: The Press of Atlantic City (N.J.), http://www.pressofatlanticcity.com