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Creditors of the bankrupt operating unit of Caesars Entertainment Corp. said that they wanted to stop the casino company from extending the period when it has exclusive control of its chapter 11 reorganization so other plans could be proposed, Reuters reported yesterday. The creditors filed objections on Wednesday to the request by the operating unit to extend to Nov. 15 from May 15 its exclusive right to propose a plan to cut its $18 billion in debt. The operating unit filed for bankruptcy in January, and creditors rarely oppose a company extending exclusive control so early in the case. Among those objecting were the company's lone allies, a group known as the first-lien noteholders who preferred an extension to September.

The former owners of the Revel casino are acknowledging a long list of mistakes that helped kill the $2.4 billion resort, including an onerous energy contract that strangled it from the get-go, the Associated Press reported yesterday. A proposed disclosure statement for its bankruptcy case filed on Monday includes a history of Revel, which shut down last September without having turned a profit. The filing puts much of the responsibility on Revel's initial management, led by former CEO Kevin DeSanctis. It lists problems from construction cost overruns, taking on too much debt, the failure to attract day-tripping gamblers, pricey food and beverages and startup glitches with marketing and technology. But one of the costliest missteps — and one that continues to plague Revel now, even as a shuttered building — was its contract with its utility provider.

Revel AC Inc., the former owner of the Revel Casino Hotel in Atlantic City, N.J., took a decisive step toward winding down its chapter 11 case yesterday after a judge approved a settlement that divvies up the proceeds from the recent sale of the resort to a Florida developer, Dow Jones Daily Bankruptcy Review reported yesterday. Following a hearing in Camden, N.J., Bankruptcy Judge Gloria Burns said that she would sign an order that sets aside about $32 million of the $82 million in sale proceeds for creditors, lawyers and other administrative expenses. The settlement reserves $1.6 million for unsecured creditors, $150,000 of which may be used to fund future litigation against Revel's estate or others. The settlement also calls for $10 million for senior lender J.P. Morgan, $13.5 million for unpaid legal fees and administrative expenses and $7 million to pay for any future administrative costs associated with winding down the case.

Kirkland & Ellis is squaring off in bankruptcy court with a committee representing the junior secured noteholders in the reorganization of client Caesars Entertainment Operating Co., Bloomberg BNA reported yesterday. The committee has asked a judge to disqualify Kirkland, claiming the firm is conflicted because it has represented the casino company’s majority owners, Apollo Global Management LLC and TPG Capital, on unrelated matters. The committee is also claiming that the firm improperly received almost $10 million in fees on the eve of the company’s Jan. 15 bankruptcy. Kirkland had fought to keep the reorganization before Bankruptcy Judge A. Benjamin Goldgar in Chicago, where the law firm has its roots, while the junior noteholders wanted the bankruptcy to unfold in Wilmington, Delaware. Briefs were submitted yesterday, and Judge Goldgar has set a hearing for April 23.

Caesars Entertainment Operating Co. wants to extend until Nov. 15 the amount of time it has to file its own reorganization proposal without the threat of rival plans, the Wall Street Journal reported today. Caesars on Wednesday requested until Jan. 15, 2016, to solicit votes on any proposal it files. Without an approval from Bankruptcy Judge A. Benjamin Goldgar, Caesars’ exclusive period to file a plan would run out May 15, and the time to solicit votes on such a proposal would run out July 14.

Caesars Entertainment Corp.’s $468 million bankruptcy dispute will go to trial in August as the judge overseeing the case said that it’s probably irrelevant whether the casino company or its creditors acted in bad faith when they filed dueling petitions in January, Bloomberg News reported yesterday. Whether Caesars paid its debts as they came due is the main question, Bankruptcy Judge Benjamin Goldgar said during a hearing yesterday. Judge Goldgar must decide if the bankruptcy started Jan. 15 when the company filed its case or three days earlier when lower-ranking creditors filed an involuntary petition. Creditors can challenge a claim by senior lenders to $468 million in cash if they win. Credit Suisse Group AG, acting as an agent for senior lenders that loaned Caesars billions of dollars, sued lower-ranking creditors on Tuesday claiming they violated lender agreements. The suit is one of several related to restructurings and refinancings by Caesars.

Stockton University, a public college based in New Jersey, said on March 24 that the Trump Taj Mahal was blocking its bid to turn the now-defunct Showboat Casino, which it purchased for $18 million in December, into a residential campus, Bloomberg News reported yesterday. After squabbling with the Trump Taj Mahal for weeks, Stockton announced on April 4 that it had reached a deal to sell the property to real estate mogul Glenn Straub for $26 million, with a clause allowing the university to cancel that sale within 90 days. Stockton will use those three months in an attempt to fix a disagreement about a decades-old contract that is at the heart of its dispute with the Trump Taj. For Stockton, the trouble arose when the Trump Taj recently moved to enforce a legal agreement it had with the old owner of the Showboat Casino, Caesars Entertainment, which mandated that the property be used only to house a high-end casino and hotel. Stockton wants to turn part of the 1.7 million-square-foot property into housing for students, along with making an additional section into a hotel, but it had not planned to install slot machines on the premises. The Trump Taj said last month that it was sticking to the covenant because it has no interest in operating next to college students.

The developer recently approved to buy Atlantic City, N.J.’s Revel Casino Hotel out of bankruptcy has released more details on his $500 million plan to revitalize the seaside town, which has faced precipitous declines in tourism and gambling revenue since 2006, the Wall Street Journal reported yesterday. In a statement released on Friday, Florida-based developer Glenn Straub said that his eight-part “Phoenix Project” aims to transform Atlantic City with a host of amenities targeting affluent tourists, sports enthusiasts, families and even retirees. Fulfilling the first step of the plan, Bankruptcy Judge Gloria Burns signed an order yesterday approving the sale of Revel to Mr. Straub for $82 million. The purchase price represents a more than 96 percent discount from the $2.4 billion it cost to build the resort, which first opened its doors in 2012 but never turned a profit. The deal is expected to close today.

A federal bankruptcy judge yesterday said that she would approve an $82 million sale of Atlantic City's Revel Casino Hotel to Florida developer Glenn Straub, Reuters reported yesterday. Bankruptcy Court Judge Gloria Burns said that she would sign off on the deal, the third one she has approved. The previous two agreements failed. The offer, from polo club owner and distressed real estate mogul Straub, is a far cry from the $2.4 billion it cost to build the gleaming casino complex. Revel opened in 2012 to much fanfare, but it never turned a profit and went bankrupt twice. Judge Burns delayed the approval in part to see if other interested buyers could finalize deals, but none did. The judge noted that Revel's estate was losing money every day as it waited.

The owners of Atlantic City's former Revel casino hope to sell it "soon," even as they seek an extension through the end of June to wrap up its bankruptcy case, the Associated Press reported yesterday. In a court filing made on Monday, Revel AC said that it is working toward finalizing the $82 million sale to Florida developer Glenn Straub's Polo North Country Club. A bankruptcy court judge is scheduled to consider the sale tomorrow.