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Revel, a lavish Atlantic City casino that opened less than a year ago, filed for bankruptcy protection yesterday under a plan that would turn over control to lenders and eliminate more than $1 billion of debt, Reuters reported yesterday. The company's expected chapter 11 filing culminates a rapid decline for a complex that cost $2.4 billion to build and had been expected to bring Las Vegas-style glitz to a city where gambling revenue had fallen for several years. Under the plan, Revel will slash its debt to $272 million from about $1.52 billion through a debt-for-equity conversion. The plan has secured more than the number of lenders' votes required for the court to approve it, Revel added.

Grammy Award-winning singer Dionne Warwick filed for bankruptcy, citing tax liabilities she has attributed to financial mismanagement, Reuters reported today. She listed total assets of $25,500 and total liabilities of more than $10.7 million, mostly in the form of tax claims by both the Internal Revenue Service and the state of California, according to the filing. The IRS and California tax claims total more than $10.2 million, mostly from the 1990s, according to the petition, which listed Warwick's average monthly income as $20,950 and expenses at $20,940.

Otelco Inc., a local exchange carrier based in Oneonta, Ala., filed for chapter 11 protection after losing a contract with Time Warner Cable Inc., which resulted in lower revenue, Bloomberg News reported yesterday. Otelco listed assets of $168 million and debt of $310 million in the chapter 11 documents filed on Saturday. Otelco won support of creditors for a debt restructuring plan prior to the filing, the company said. Under the proposal, which must be approved by the bankruptcy court, Otelco will cut its long-term debt by half to $135 million from $271 million with secured creditors swapping current debt for new debt and shares in the company. Subordinated note holders will receive 92.5 percent of Class A shares in the company, Otelco said.

China-based solar panel maker Suntech Power Holdings, one of the world's largest solar panel manufacturers by capacity, declared bankruptcy, Reuters reported today. Creditor banks of Suntech, based in Wuxi in eastern China, have jointly filed an application to Wuxi Intermediate People's Court for bankruptcy reorganization of the firm. On Monday, Suntech said that it had defaulted on $541 million of its bonds due on Friday, triggering cross-defaults on loans from International Finance Corp. and Chinese lenders.

Prommis Holdings LLC, which provides processing services for defaults and foreclosures in the residential mortgage industry, sought chapter 11 protection from creditors yesterday, Bloomberg News reported. The Atlanta-based company listed debt of more than $50 million and assets of as much as $50 million in chapter 11 documents filed yesterday. Ten affiliates also filed for bankruptcy. The company said in the filing that it plans to sell virtually all its assets in a court-supervised auction. No terms were disclosed. The case is In re Prommis Holdings LLC, 13-10551, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Directories publishers Dex One Corp. and SuperMedia Inc. have filed for bankruptcy after failing to win the full support of senior secured lenders for a change to a credit agreement that was needed to complete their planned merger, Reuters reported today. Dex One, formerly known as R.H. Donnelley Corp., and SuperMedia agreed last year to combine their businesses, with Dex One shareholders expected to own about 60 percent and SuperMedia shareholders the rest of the combined company. Dex One has assets and liabilities both in the range of about $2.8 billion, while SuperMedia has total assets of $1.4 billion and total debt of $1.9 billion, according to the filing.

Entertainment Promotions, the 50-year-old Troy, Mich.-based promotions company known for its thick coupon book, has filed for chapter 7 bankruptcy protection and laid off hundreds of employees, the Detroit Free Press reported today. According to a filing with the state's labor office, 298 people were laid off. Entertainment Promotions’ website says that the company employs about 520 people with more than 240 in southeast Michigan. It was founded in 1962, and owned by M.H. Equity Investors in Indianapolis, Ind. The company offered coupon books, which are sold by schools, community and charity groups as fundraisers.

Geokinetics Inc., a provider of seismic data, filed for chapter 11 protection yesterday, Bloomberg News reported. The company cited assets of $12 million and liabilities of $351 million in the court filing. Geokinetics, based in Houston, said in January that it reached an agreement with holders of more than 70 percent of secured notes, under which the noteholders would convert $300 million of debt to equity. Geokinetics missed a $14.6 million interest payment due Dec. 15 on the secured notes.

1250 Oceanside Partners and two affiliates, owners of more than 1,800 acres of land on the Island of Hawaii, filed for bankruptcy to restructure more than $500 million in debt, Bloomberg News reported yesterday. Oceanside listed assets of more than $10 million in chapter 11 documents filed on Wednesday. Affiliates Front Nine LLC and Pacific Star Co. also sought court protection. Developer Lyle Anderson controlled the three companies until 2008, when Bank of Scotland LLC declared a default on about $1 billion in debt and exercised its right to replace the directors, including Anderson. The debt was secured by projects in New Mexico, Arizona and Hawaii. Sun Kona Finance I LLC acquired the portion secured by Hawaiian assets in December. The total balance due on that debt was about $625.2 million, according to court papers.

Rapid-American Corp. filed for chapter 11 protection to deal with debt related to asbestos personal-injury claims, Bloomberg News reported on Friday. New York-based Rapid-American, formerly a holding company for McCrory variety stores, "was never engaged in an asbestos business" and inherited about 275,000 asbestos claims through a series of acquisitions, according to an account in court papers by company Vice President Paul Weiner. Philip Carey Manufacturing Co., established in 1888, made and sold building products, some of which contained asbestos. Through a series of mergers, Rapid incurred successor liability for claims arising from exposure to asbestos-related products, according to court papers.