The closed Revel Casino Hotel in Atlantic City, N.J., wants to tap millions of dollars of new bankruptcy financing in order to pay a $26 million settlement with the city over its 2014 property taxes, Dow Jones Daily Bankruptcy Review reported today. The casino is asking a bankruptcy judge to approve a new $21 million increase in availability, which includes $19 million in new financing provided by Wells Fargo NA. The financing will be combined with $7 million in cash on hand to fund a $26 million settlement with Atlantic City and provide enough cash to operate until Jan. 8.
