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After filing for bankruptcy on November 6, the Atlantic Club (via its parent company RIH Acquisitions) is looking to hold a court-approved auction in December 2013, with the tentative goal of completing a total sale by March 2014.
In a motion filed this week, counsel for RIH Acquisitions claims that a successful filing for Chapter 11 bankruptcy will be critical for a sale, as “the Debtors believe prospective buyers of their assets would be reluctant to engage in a financing transaction and/or asset sale transaction absent the protections available under Chapter 11 for such parties.”
In the same motion it is revealed that the Atlantic Club “received five indications of interest and twice entered into exclusivity with potential buyers regarding the sale of the Atlantic Club Casino” ever since negotiations with PokerStars ended in April 2013.
None of the indications of interest, the motion continues, resulted in a definitive agreement.
The parties who showed interest are not named in the motion. Names ranging from Steve Wynn to Churchill Downs have been mentioned in speculation regarding the future of the Atlantic Club.
With the blessing of New Jersey’s Bankruptcy Court, RIH now hopes to begin an auction for the Atlantic Club on December 17, 2013, with a bid submission deadline set for the day before.
Following a conclusive agreement, RIH aims to be entirely rid of the ACC by no later than March 3, 2014.
All earthly assets of the Atlantic Club would be handed over as part of the deal – rights, inventory, databases, furniture, gaming equipment, etc.
Per the motion, the Atlantic Club boasts the following main assets: