{"id":32056,"date":"2015-10-23T17:52:49","date_gmt":"2015-10-24T00:52:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=32056"},"modified":"2015-10-23T17:56:36","modified_gmt":"2015-10-24T00:56:36","slug":"caesars-granted-ides-of-march-deadline-for-bankruptcy-control","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/","title":{"rendered":"Caesars Granted \u201cIdes of March\u201d Deadline for Bankruptcy Control"},"content":{"rendered":"
\"Caesars
Beware the Ides of March: Caesars has until 15 March to convince its creditors to accept new bankruptcy plan. (Image: Metro-Goldwyn-Mayer)<\/figcaption><\/figure>\n

Caesars Entertainment Corp has been granted a four-month extension on control of its Chapter 11 proceedings.<\/p>\n

It now has until March 15th to persuade its junior creditors to accept its new debt reorganization plan, the date known in the ancient Roman calendar as \u201cthe Ides of March.\u201d<\/p>\n

Of course, the Ides of March was the date Shakespeare\u2019s Julius Caesar was encouraged to \u201cbeware!\u201d by a snaggletooth soothsayer, advice he chose, unwisely, to disregard.<\/p>\n

He was assassinated on the aforementioned date by his former supporter, Brutus.<\/p>\n

Either this is a classic example of life imitating art or there is a bankruptcy judge out there with a wicked sense of humor.<\/p>\n

In fact, it was Caesars Entertainment\u2019s lawyers, clearly unaware of the fatal connotations of the date for the company\u2019s famous namesake, who requested the deadline.<\/p>\n

\u201cMost Complex Bankruptcy of a Generation\u201d<\/b><\/h2>\n

Caesars is currently engaged messy and expensive bankruptcy proceedings as attempts to reorganize some $18 billion of its debt load by putting its major operating unit, Caesars Entertainment Operating Corp (CEOC), though Chapter 11.<\/p>\n

Caesars<\/a> itself has called this \u201cthe largest and most complex bankruptcy in a generation.\u201d<\/p>\n

\n

The casino giant took on most of the debt following an ill-timed $32 billion leveraged buy-out in 2008, just before the global economic downturn ravaged the casino industry in the US.<\/strong><\/p>\n<\/blockquote>\n

The company\u2019s second-lien creditors have launched lawsuits against what they claim is a reorganization process that favors major creditors at their expense.<\/p>\n

The lesser bondholders argue that several of CEOC\u2019s assets were fraudulently transferred to Caesar Entertainment<\/a> and other subsidiaries for the benefit of its controlling private equity backers.<\/p>\n

This left CEOC with distressed assets and an inability to pay its $18 billion debt load, they argue, while placing its most valuable assets out of the reach of the bondholders.<\/p>\n

They accuse the company of creating a \u201cgood\u201d Caesars and a \u201cbad\u201d Caesars; one to hold valuable assets, the other to hold the debt.<\/p>\n

Lend Me Your Ears<\/b><\/h2>\n

Caesars is asking second-tier bondholders to lend their ears to a new reorganization plan, drawn up earlier this month, which has support from creditors holding around $12 billion of the $18 billion debt load.<\/p>\n

Under the new deal, CEOC\u2019s business would be divided into an operating company and a real estate investment trust (REIT).<\/p>\n

The company\u2019s deadline for retaining control over the reorganization process was due to elapse next month, on \u201cthe Ides of November,\u201d but lawyers argued this week that it needed more time to convince the others to come on board. The judge readily agreed.<\/p>\n

Caesars will hope that its bondholders will come to praise its new plan, not to bury it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment Corp has been granted a four-month extension on control of its Chapter 11 proceedings. It now has until March 15th to persuade its junior creditors to accept its new debt reorganization plan, the date known in the ancient Roman calendar as \u201cthe Ides of March.\u201d Of course, the Ides of March was the […]<\/p>\n","protected":false},"author":42,"featured_media":32057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13,18],"tags":[],"acf":[],"yoast_head":"\nCaesars Granted \u201cIdes of March\u201d Deadline for Bankruptcy Control<\/title>\n<meta name=\"description\" content=\"Caesars tries to convince its second-lien bondholders to accept its new bankruptcy plan, but the date of its new deadline has ironic significance.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Granted \u201cIdes of March\u201d Deadline for Bankruptcy Control\" \/>\n<meta property=\"og:description\" content=\"Caesars tries to convince its second-lien bondholders to accept its new bankruptcy plan, but the date of its new deadline has ironic significance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-24T00:52:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-10-24T00:56:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/10\/1444672555617.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/\",\"name\":\"Caesars Granted \u201cIdes of March\u201d Deadline for Bankruptcy Control\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/10\/1444672555617.jpg\",\"datePublished\":\"2015-10-24T00:52:49+00:00\",\"dateModified\":\"2015-10-24T00:56:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Caesars tries to convince its second-lien bondholders to accept its new bankruptcy plan, but the date of its new deadline has ironic significance.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-granted-ides-of-march-deadline-for-bankruptcy-control\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/10\/1444672555617.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/10\/1444672555617.jpg\",\"width\":300,\"height\":200,\"caption\":\"Beware the Ides of March: Caesars has until 15 March to convince its creditors to accept new bankruptcy plan. 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