A bankruptcy court judge yesterday approved the Revel Casino's chapter 11 reorganization plan that wipes out most of its debt and provides new money for it to operate, the Associated Press reported yesterday. Bankruptcy Judge Judith Wizmur approved Revel's plan to grant an 82 percent ownership stake to lenders in return for canceling $1.2 billion worth of debt. Revel's annual interest payments will fall from $102 million to $46 million. The casino plans to put money that previously went toward debt to operations now. Before filing for chapter 11 protection in March, Revel had $1.52 billion in debt. Upon its exit from bankruptcy court, which could happen within days, it will have $272 million in debt.
