Revel AC, Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US bankruptcy Court for the District of New Jersey on March 25, 2013. The debtor listed assets and liabilities of $1 billion and above. The affiliates include, NB Acquisition, LLC, Revel AC, LLC, Revel Atlantic City, LLC, & Revel Entertainment Group, LLC. The main unsecured creditors were American International Group, Inc., Tishman Construction Corporation, ... PHD Media LLC, Energenic-US, LLC, Imperial Woodworking Company, Microsoft Licensing, GP, Cooley Manion Jones Llp, Helmark Steel, Inc., Bower Lewis Thrower Architects Ltd, & Young Electric Sign Company. The debtor retained Kirkland & Ellis LLP & Morton R. Branzburg of Klehr Harrison Harvey Branzburg & Ellers as its legal advisors, Alvarez & Marsal North America, LLC as workout specialist, Moelis & Company LP as financial advisor & investment banker and charged $17500 per month. Epiq Bankruptcy Solutions, LLC acted as Administrative Advisor for the debtor. Ernst & Young LLP acted as accountant for the Debtor. Jason A. Nagi of Polsinelli Shughuart, PC acted as legal advisor for official committee of unsecured creditors. Revel AC, Inc. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 25, 2013. As per the plan filed, administrative claims, professional compensation, statutory fees, priority tax claims, & allowed priority non-tax claim will be paid in full in cash. The holders of DIP Facility Claims will receive payment in full in cash of all DIP Facility Claims or will have such DIP Facility Claims refinanced or converted in accordance with the terms of the DIP Facility Credit Agreement and the Exit Credit Agreements. 2012 Credit Agreement Claims will receive on a pro rata basis payment in full in cash from the proceeds of the DIP Facility or Second Lien Exit Facility. The holders of Term Loan Credit Agreement Claims will receive their pro rata share of 100% of the New Equity Interests. The estimated recovery to the holders of such claims will be 19%. The holders of Allowed Second Lien Note Claims will receive their pro rata share of the contingent payment rights. The amount available under contingent payment rights will be $70 million making the estimated recovery under such class equal to 18.01%. Allowed Other Secured Claims will be paid in full in cash or the reorganized debtors will deliver the collateral securing any such claim. The Allowed General Unsecured Claim will either be reinstated, or will be paid in ordinary course of business, or will be paid in full in cash on the date agreed upon as per the plan. No distribution will be made on account of Intercompany Claims. On the Effective Date, or as soon thereafter as practicable, all Intercompany Claims will be reinstated in full or in part or cancelled or discharged in full or in part, in each case, to the extent determined appropriate by the Reorganized Debtors. Intercompany Interests will be reinstated on the Effective Date. Holders of Interests & Warrant Claims will not receive any distribution on account of such Interests. On the Effective Date, Interests will be cancelled and discharged. JPMorgan Chase Bank, N.A. will provide an exit facility in the form of senior secured first-lien revolving credit facility in an amount of $75 million, letter of credit of $5 million & a senior secured second-lien term loan in the amount of $260 million. The Exit Facilities will consist of the First Lien Exit Facility comprised of a revolving credit facility in the amount of approximately $75 million with availability as of the effective date sufficient to pay transaction expenses, provide the reorganized debtors with working capital necessary to run their businesses, and to fund certain capital expenditures & the Second Lien Exit Facility comprised of term loans in the aggregate amount of approximately $260 million. The plan, if approved, will reduce the Debtors’ total debt by more than 82%, from approximately $1.517 billion, as of the Petition Date, to $272 million. The US Bankruptcy Court granted an order for the joint administration of the Chapter 11 bankruptcy cases of Revel AC, Inc. and its affiliates on March 27, 2013. The affiliates include NB Acquisition, LLC, Revel AC, LLC, Revel Atlantic City, LLC, & Revel Entertainment Group, LLC. The cases would be jointly administered for administrative and procedural purposes. Revel AC, Inc. has been designated as the lead debtor. The US Bankruptcy Court gave an order to Revel AC, Inc. to obtain DIP financing on final basis on April 18, 2013. As per the order, the debtor has been authorized to obtain a DIP facility in the amount of $250 million from JPMorgan Chase Bank NA as the administrative agent, collateral agent, issuing bank and lender. Approximately $42 million of the DIP financing constitutes new money commitments and approximately $208 million constitutes prepetition debt. Leon
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American International Group, Inc. (NYSE:AIG) reached an agreement to acquire remaining 49.99% interest in AIG Israel Insurance Company Ltd from Aurec Group on February 18, 2013. AIG currently owns 50.01% of AIG Israel. The transaction is subject to approval by the Israel Insurance Commissioner. AIG also announced that Shay Feldman has been appointed General Manager of AIG Israel effective April 1, 2013.

White Mountains Solutions Holdings Company entered into a definitive agreement to acquire American Fuji Fire and Marine Insurance Company from American International Group, Inc. (NYSE:AIG) on December 11, 2012. The transaction is subject to customary closing conditions and regulatory approval from the Illinois Department of Insurance. The transaction is expected to close during the first quarter of 2013.

Wood Partners, L.L.C., Chesapeake Realty Partners and Taylor Property Group acquired Dulaney Valley Apartments, LLC from American International Group, Inc. (NYSE:AIG) on November 27, 2012. Andrew White of Apartment Realty Advisors acted as the real estate broker for American International Group.

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