The Daily Docket: Revel Moves to Scrap Sale

Revel Casino Hotel on Tuesday sought to terminate a $95.4 million deal to sell the Atlantic City, N.J., boardwalk resort to Florida developer Glenn Straub. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Threatened with a creditor revolt, Energy Future Holdings Corp. said it would be distributing a term sheet this week outlining a proposal for reshaping its $42 billion debt load and ending a contentious stay in bankruptcy, DBR reports in WSJ.

RadioShack Corp. is looking for bankruptcy-court approval to pay up to $3 million in bonuses to key employees as it races to liquidate half its stores and turn over the rest to the highest bidder at a coming auction. Read the DBR article in WSJ.

General Motors Co.’s ex-product chief said former bailout pro Harry Wilson, who’s pushing for a stock buyback, would be a “very very valuable” addition to the company’s board, according to Corporate Intelligence.

As DBR reports in WSJ, Altegrity Inc. cleared its first bankruptcy-court hearing Tuesday as it attempts to salvage its business from a series of disasters involving a division that did background checks for the U.S. government.

Detroit Mayor Mike Duggan says the city is on track for its first balanced budget in 13 year, Reuters reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa