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Atlantic City, N.J., will have to wait until next week to learn who will emerge as the next owner of the shuttered Revel casino hotel, a sleek resort that closed after just two years in operation, Reuters reported yesterday. An auction began yesterday at a law office but was adjourned until Tuesday, according to Revel spokeswoman Lisa Johnson. Glenn Straub, a Florida developer with a passion for polo, provided the initial bid at $90 million in cash to acquire the complex free of debt. At least two other potential buyers presented bids on Tuesday, a source told Reuters. It is unclear how many parties qualified to join the auction.

Phoenix Payment Systems Inc. won bankruptcy-court approval to sell its payment-processing business to an affiliate of North American Bancard LLC for $50 million, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Mary F. Walrath on Tuesday approved the sale, court papers show. The buyer was the stalking-horse bidder for a proposed auction, but Phoenix Payment Systems canceled the auction after no qualified competing bidders emerged.

Nortel Networks Corp. bondholders and pensioners made their final pleas to judges in Canada and the U.S. about how to divide more than $7 billion in cash the company raised by liquidating assets, Bloomberg News reported yesterday. U.S. bondholders of the defunct phone maker urged the two judges to focus on legal precedents, regardless of the effect on 56,000 Nortel retirees in Canada and the U.K. The pensioners, who are fighting each other as well as the bondholders, asked the judges to impose a fair division that avoids the “extreme outcome” of paying 11 percent on some retiree claims and more than 100 percent to some U.S. investors. With their courtrooms linked by video, Bankruptcy Judge Kevin Gross in Wilmington, Delaware, and Frank Newbould, a judge on the Ontario Superior Court of Justice in Toronto held a three-day joint hearing. They will rule separately on how to divide the money. Judges Gross and Newbould asked the lawyers whether any parties would object if the judges decide to talk to each other about the case. Under Canadian and U.S. law, they are required to reach independent decisions.

At least two last-minute bids were received yesterday for Atlantic City's Revel casino, which closed this month, setting up an auction to challenge an agreed sale to a Florida developer, Reuters reported yesterday. Bidding on the two-year-old casino, which cost $2.4 billion to build, will start at $94 million. Revel's owner obtained a stalking-horse cash bid of $90 million from Glenn Straub, a Florida developer.

RadioShack Corp. has tried — unsuccessfully so far — to convince a major supplier to alter its terms as the struggling electronics retailer works to avoid a bankruptcy filing, the Wall Street Journal reported today. The company, which disclosed the effort in a securities filing yesterday, didn't name the vendor or spell out the issues under discussion. But it has been in talks with wireless carriers including AT&T Inc. and Sprint Corp. to ease the terms under which they provide equipment that RadioShack resells. The talks with the supplier haven't borne fruit but are continuing, the company said in the filing. RadioShack warned earlier this month that it was quickly running low on cash and could be forced to seek bankruptcy protection soon if it can't find a refinancing option.

MF Global's creditors, who have waited nearly three years to get paid, will have to wait a little longer after a bankruptcy judge yesterday held off approving its bid to repay them $295 million, Dow Jones Daily Bankruptcy Review reported yesterday. Bankruptcy Judge Martin Glenn said that he was uncomfortable with one part of the proposal: MF Global's request to estimate certain unresolved claims at zero dollars. The judge said that he was "not happy" that he didn't have enough information on some of the claims.

The operator of the Indiana Toll Road, owned by affiliates of Macquarie Group Ltd. and Ferrovial SA, sought bankruptcy protection with a creditor-supported restructuring plan after dwindling traffic soured a $3.8 billion bet on a 75-year lease, Bloomberg News reported yesterday. The company listed assets and liabilities of more than $1 billion each in its chapter 11 filing yesterday in Chicago bankruptcy court. The company has an estimated $6.3 billion in secured obligations when including projected amounts of interest through next August, according to court papers. The Indiana road company isn’t the first to seek creditor protection since the financial crisis as operators of the South Bay Expressway, a 10-mile toll road near San Diego, and the 16-mile Southern Connector in Greenville County, South Carolina, each filed for bankruptcy in 2010 after experiencing low traffic. The case is In re ITR Concessions Co. LLC, 14-34284, U.S. Bankruptcy Court, Northern District Illinois (Chicago).

Payment processor Phoenix Payment Systems Inc. canceled its auction and declared an affiliate of North American Bancard LLC as the winner of its assets, Dow Jones Daily Bankruptcy Review reported today. In a Wednesday court filing, Phoenix Payment Systems said that it didn't receive any qualified competing offers to the $50 million stalking horse, or lead, bid by the North American Bancard affiliate. The entity making the bid is EPX Acquisition Co., named that way because Phoenix Payment Systems does business as EPX. EPX said that it will ask Judge Mary F. Walrath to approve the sale at a hearing tomorrow.

Less than two months after entering Chapter 11 protection, Eagle Bulk Shipping Inc. won court approval yesterday of a reorganization plan that cuts $975 million in debt from its balance sheet, the Wall Street Journal reported today. The approval from Bankruptcy Judge Sean Lane largely concludes what an attorney for Eagle Bulk said was a year-long process to restructure the dry bulk shipper's finances. Under its uncontested, pre-packaged bankruptcy plan, Eagle Bulk's lenders, who are owed $1.2 billion, will convert their debt into 99.5 percent of the new equity in the reorganized company and receive a cash distribution. Current equity will be canceled, with those equity holders receiving the remaining 0.5 percent in new stock, along with seven-year warrants to acquire another 7.5 percent of new equity.

A group of lenders to LodgeNet---a hotel Internet and technology provider that filed for chapter 11 bankruptcy last year and sped through the process in two months---are suing the reorganized company and other lenders, saying that a subsequent restructuring is "intended to eviscerate" their rights under the company's original bankruptcy-exit plan, Dow Jones Daily Bankruptcy Review reported today. Although the lawsuit was filed with the U.S. Bankruptcy Court in Manhattan as part of LodgeNet's original chapter 11 case, the bulk of the complaint involves an agreement that was negotiated months after LodgeNet exited bankruptcy in March 2013. Sonifi Solutions Inc., which is the name LodgeNet now uses, again encountered financial troubles after exiting bankruptcy and at the end of 2013 needed once more to restructure its debt, according to the complaint filed on Wednesday.