Due to a combination of things, including bad timing and poor business decisions, the Atlantic City casino has been having problems financially from the start and in filings with securities regulators, Revel said it was worth no more than $450 million. Casino officials also said it may take as long as four years for the resort to become profitable.

Revel will have 82 percent of its $1.5 billion debt wiped out by the deal by converting it into equity for lenders.

“Backed by overwhelming lender support, we remain on track to complete our financial restructuring ahead of the critical summer season,” Revel’s interim CEO Jeffrey Hartmann said. ‘We will emerge from this recapitalization positioned for long-term success, with the financial capacity to pursue our amenity enhancement opportunities, and the ability to continue providing our guests with a signature Revel experience.”

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