Local Lawyers Get in on Revel Casino Bankruptcy ActionApril 11, 2013 – In The News
The bankruptcy filing of Atlantic City's newest casino has meant an opportunity for local bankruptcy lawyers to get their hands on one of the region's most watched filings — and, in some instances, charge more than $1,000 an hour for the privilege.
Fox Rothschild attorneys will serve as co-counsel for the steering committee of Revel lenders.
Bankruptcy partner Michael Viscount is working on the matter with partner Nicholas Casiello Jr.
Casiello was initially called in prior to the bankruptcy as regulatory counsel by one of the main Revel lenders when the parties agreed to a second amendment to the credit agreement December 27, 2012.
"Through that we were asked to be regulatory counsel to what became the steering committee of lenders," Casiello said. "Then when it became apparent that a bankruptcy filing was going to be necessary, some local due diligence was necessary and we performed that local due diligence, and then, when the decision was made to file the bankruptcy in New Jersey, Paul Weiss ... and the committee retained us to be co-counsel."
Viscount handled local due diligence work and are now leading the firm's bankruptcy work. Casiello is focused on the regulatory side, he said.
Because the steering committee represents a majority of the amount of the debt, is also involved in the exit financing and has signed on to the pre-packaged reorganization plan, Casiello said this bankruptcy is, as with many pre-packaged deals, much easier to handle.