BK COURT OK’S CLARIDGE SALE TO PARK PLACE

May 17, 2001 8:16 PM
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The U.S. Bankruptcy Court on Wednesday confirmed the Claridge Hotel’s reorganization plan that includes sale of the troubled resort to Park Place Entertainment.

Park Place will purchase the Atlantic City property for $65 plus another $16 million to $17 million in cash to creditors.

New Jersey’s Casino Control Commission will review the purchase plan at its May 30 meeting, in which it is expected to approve the deal.