Business news in brief

Bankrupt Revel AC Inc. reached a deal with Atlantic City that will reduce its quarterly property tax bill due Sunday to $1.88 million from $9.8 million, if the agreement is approved by the judge overseeing the company's Chapter 11 case. The agreement valued the Revel casino at $225 million. That is far more than the $95.4 million Florida investor Glenn Straub has agreed to pay for the property, but less than half the previous assessment of $625 million from early 2014, before Revel's second bankruptcy filing in June. Atlantic City's City Council must also approve the settlement. - Harold Brubaker

Standard & Poor's Ratings Services downgraded Atlantic City's bond rating to junk, citing Gov. Christie's appointment of an emergency manager with the authority to consider restructuring the city's $344 million in long-term debt. "Third-party intervention is often more draconian than the actions taken to date and has a greater likelihood of being detrimental to bondholders," Standard & Poor's credit analyst Lindsay Wilhelm said in a note Tuesday. S&P's four-notch downgrade of Atlantic City debt to BB from BBB-plus was not quite as severe as the downgrade by Moody's last week, but it cited the same concerns that bonds might go unpaid. - Harold Brubaker

AmerisourceBergen Corp. reported a quarterly loss of $199.9 million after reporting a profit in the same period a year earlier. The Chesterbrook-based company said it had a loss of 91 cents per share. Earnings, adjusted for nonrecurring costs and costs related to mergers and acquisitions, were $1.14 per share. The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share. The prescription drug distributor posted revenue of $33.59 billion in the period, also exceeding forecasts. Analysts expected $31.59 billion, according to Zacks. Shares rose 45 cents, to $96.37. - AP

Rita's Italian Ice, the Trevose company that calls itself the world's largest water-ice store chain, with more than 600 locations, said it had contracted with onetime Starbucks executive Faysal Younes' Eathos Ltd., of Dubai, United Arab Emirates, to open at least 46 stores over the next 10 years, in Turkey and seven Middle Eastern Arab nations: Egypt, Saudi Arabia, the Emirates, Bahrain, Kuwait, Oman, and Qatar. Rita's also plans to "double" its U.S. stadium service locations. Rita's treats are now offered at eight stadiums, including Lincoln Financial Field. - Joseph N. DiStefano

LiquidHub, the Wayne-based "digital integrator" and IT outsourcing firm that raised $53 million from ChrysCapital and other investors last year, said it had acquired two firms that help corporate clients use Salesforce.com software: ClosedWon, based in Albuquerque, N.M., and Harvest Solutions, of Boston and San Francisco. This follows LiquidHub's earlier acquisition of New York-based Foundry9, a digital marketing agency. LiquidHub hasn't disclosed what it paid. - Joseph N. DiStefano

A Delaware judge says the Chapter 11 case of casino giant Caesars Entertainment Corp. will proceed in Illinois, not Delaware. The judge denied a motion by several creditor groups who wanted the case to be heard in Delaware, where they filed an involuntary bankruptcy petition just days before Caesars' operating unit made its own filing in Chicago. Creditor attorneys argued that Caesars filed in Illinois partly because it will be easier there to shield company officials from lawsuits over what creditors allege were improper transfers to protect the operating unit's assets from creditors. Caesars contended that the judge should defer to its choice of Illinois as the best place to try to fashion a plan for all stakeholders. - AP

Shares of TE Connectivity Ltd., the Berwyn-based electrical switch, sensor, and specialty parts company, jumped 4.4 percent, or $2.82, to close at $67.45 after announcing it would sell its Broadband Network Solutions business (which makes telecom, enterprise network, and wireless parts) to Hickory, N.C.-based CommScope Holding Co. for $3 billion. Broadband Network Solutions last year accounted for nearly $2 billion of TE's $13 billion in sales. TE will use the proceeds to buy back stock, buy more companies, and build up its remaining businesses, said chief executive Thomas J. Lynch. Shares of CommScope rose 6.1 percent. - Joseph N. DiStefano

McDonald's Corp. CEO Don Thompson is stepping down, as the world's biggest hamburger chain fights to hold onto customers and transform its image. The company said Thompson, who has been CEO for 21/2 years, would be replaced by chief brand officer Steve Easterbrook. McDonald's has been struggling amid intensifying competition and changing attitudes about food. It said it would slow down new restaurant openings in some markets. It's also making menu changes. Thompson will leave March 1 after nearly 25 years with the company. - AP