Failure of Revel Sale Could Harm Local Businesses
So reports the Inquirer today, which couldn’t get comments from Revel or Brookfield Asset Management.
Here’s what the Inquirer says is at stake if Brookfield can’t get the deal done:
But two New Jersey companies, whose joint venture built and operates Revel’s utility plant and owes the $118.9 million, could suffer significant collateral damage if efforts this week to salvage the sale are unsuccessful.
The two partners each have $20 million in equity at stake in ACR Energy Partners L.L.C., the plant that chills water for Revel’s air-conditioning, provides hot water, and distributes electricity to the 47-story tower.
Brookfield’s agreement to buy Revel ends Friday. You’d think Glenn “University for Geniuses” Straub would be set to jump in, but he said he won’t work with the terms ACR is offering, either. DCO Energy and a subsidiary of South Jersey Industries are the two partners that own ACR.
At this point, things are not looking good for Revel.