Seven The Hard Way

The Revel Casino, with about $1.5 billion in debt, is expected to file a prepack bankruptcy in the next several weeks, less than a year after the casino opened. The company's lenders are expected to have a significant equity position in the company when it emerges from bankruptcy, but will have much less in debt. The casino was originally started by Morgan Stanley, but the bank abandoned the project and wrote off its $1.2 billion investment.