Atlantic City’s Bankruptcies Affect More than Just Casinos

The bankruptcy and subsequent closure of Atlantic City casinos may be having a ripple effect on other businesses in the area. The owners of the $129 million utility plant responsible for heating and cooling the now-closed Revel Casino Hotel have said they might be looking at a bankruptcy filing as well.

ACR Energy Partners, a partnership between South Jersey Industries Inc. and DCO Energy LLC, has billed Revel $11.85 million – and been paid just $2.35 million – since the casino’s second bankruptcy this past June.

According to court filings, Revel was behind on payments before bankruptcy – owing an additional $11 million, which included $1.7 million monthly fixed payments towards the $40 million in equity invested by the partners in the energy company.

“The drip-feed of payment from the debtors over the past nine months has left ACR with an escalating liquidity crisis and limited ability to meet its own obligations,” the company said in the filing.

If you are facing personal or business bankruptcy, contact the Law Office of Joel R. Spivack. For decades, he has navigated South Jersey’s bankruptcy laws – and he will provide you with the experienced help you need to get back on your feet.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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