SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): October 5, 1999
ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
____________________________________
(Exact name of registrant as specified in its charter)
New Jersey 33-27399 22-2469174
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
Indiana Avenue & the Boardwalk
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
Including area code: (609) 340-3400
This Current Report contains 3 pages.
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Item 3. Bankruptcy or Receivership
On October 5, 1999, Atlantic City Boardwalk Partnership, L.P. (the
"Partnership") filed a petition for reorganization in the United States
Bankruptcy Court, District of New Jersey under Chapter 11 of the United States
Bankruptcy Code.
The Partnership owns the land, buildings, parking facility and
non-gaming depreciable, tangible property (collectively, "Hotel Assets") of The
Claridge Hotel and Casino ("Claridge") located in Atlantic City, New Jersey. The
Partnership leases the Hotel Assets to The Claridge at Park Place, Incorporated
("New Claridge"), a wholly-owned subsidiary of The Claridge Hotel and Casino
Corporation ("Corporation"), under operating leases.
As previously reported, the ability of the Partnership to continue to
fulfill its obligations was dependent upon the ability of New Claridge to
continue to make rental payments when due. The Corporation has experienced
recurring losses and deterioration in its cash flow since 1996 which has
affected the Corporation's ability to continue to meet its obligation to pay
interest on the $85 million of First Mortgage Notes due 2002 ("Notes"). As a
result, the Corporation did not pay the interest due August 2, 1999 on the
Notes, and, on August 16, 1999, the Corporation and New Claridge filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code. The Trustee for
the noteholders has alleged that the Partnership's rights to receive rent,
pursuant to an assignment of leases under the mortgage, terminated. This and
others developments in the Corporation and New Claridge bankruptcy cases made it
impossible for the Partnership to continue to meet its obligations, and the
Partnership has now also filed for Bankruptcy Court protection.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
By: /s/Anthony C. Atchley
Anthony C. Atchley, President
Dated: October 7, 1999
