The owner of the struggling Revel casino in Atlantic City, N.J., is preparing to file for chapter 11 protection in the coming weeks, less than a year after the casino opened, the Wall Street Journal reported today. Revel AC Inc., which carries about $1.5 billion in debt, said yesterday that it has reached a deal with investment-firm lenders on a prearranged bankruptcy plan. It anticipates seeking chapter 11 protection as soon as mid-March, and the casino company is expected to continue paying employees and operate normally during the bankruptcy proceedings. Under the terms of the deal, Revel's creditors will forgive debt for ownership stakes in a restructured Revel, reducing the casino's obligations by more than $1 billion.
