{"id":33911,"date":"2016-02-17T17:53:08","date_gmt":"2016-02-18T01:53:08","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=33911"},"modified":"2016-02-17T18:11:05","modified_gmt":"2016-02-18T02:11:05","slug":"caesars-bankruptcy-in-disarray","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/","title":{"rendered":"Caesars Entertainment Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator"},"content":{"rendered":"
\"Caesars
Caesars Entertainment is in trouble, as top tier and second tier both turn against the company\u2019s messy bankruptcy proceedings. (Image: benzinga.com)<\/figcaption><\/figure>\n

Caesars Entertainment\u2019s bankruptcy headache intensified into a nightmarish migraine this week, after a group of its top-tier creditors threatened to bail on the company\u2019s debt restructuring plan.<\/p>\n

Caesars is seeking chapter 11 bankruptcy for its chief operating unit, CEOC<\/a>, as it looks to reorganize an industry-high $18 billion debt load.<\/p>\n

Meanwhile, the company is being sued by its junior creditors, who allege the restructuring process favors top-tier creditors at their own expense. They also claim that, prior to the bankruptcy proceedings, several of CEOC\u2019s assets were fraudulently transferred to Caesars Entertainment and other subsidiaries for the benefit of its controlling private equity backers.<\/p>\n

This, they argue, has left CEOC with distressed assets and an inability to pay its debts, while placing its most valuable assets out of the reach of the junior creditors.<\/p>\n

Liquidation a Possibility<\/strong><\/h2>\n

The adjudicator in the case, Judge\u00a0Benjamin Goldgar,<\/strong>\u00a0is increasingly inclined to side with the junior creditors, and has given Caesars until March 15 to persuade them to come on board or risk losing control of the proceedings entirely.<\/p>\n

Caesars\u2019 efforts to block seven million pages of a court-appointed examiners\u2019 investigation into the company\u2019s pre-bankruptcy activities recently aroused the Goldgar\u2019s ire.<\/p>\n

\n

\u201cIt doesn\u2019t have to end with a confirmed plan,\u201d said Goldgar, of CEOC\u2019s near future. \u201cA trustee could be appointed, the case could be dismissed or, my favorite, the case could be converted to chapter 7 [liquidation], which would just be a hoot, wouldn\u2019t it?\u201d<\/p>\n<\/div>\n

\u201cThe centerpiece of this case was supposed to be the examiner\u2019s report. We\u2019ve all been waiting,\u201d he continued. \u201cThis was what was going to blow up the logjam.\u201d<\/p>\n

And now, with the case tipping in the favor of the second-tier creditors, it\u2019s the senior noteholders\u2019 turn to rebel.<\/p>\n

Senior Creditor Filing<\/strong><\/h2>\n

The latter group has now filed a brief which states its dissatisfaction with the new restructuring plan and the faction\u2019s intention to submit a plan of its own.<\/p>\n

\u201cIf sufficient progress toward a consensual plan is not made \u2026 it may very well be that a plan proposed by the first lien bank and noteholders becomes the most efficient means to allow (the company) to emerge in a timely manner from bankruptcy,\u201d reads the new filing.<\/p>\n

The document leaves Caesars in an even greater state of disarray, one that could lead to its very permanent undoing.<\/p>\n

\u201cCourt rulings keep going against Caesars, and if that continues through March 14 the company could be in big trouble,\u201d stock adviser Motley Fool<\/a> said of the company\u2019s resultant share plunge.<\/strong><\/p>\n

\u201cThat’s when a trial alleging the improper transfer of assets in Caesars subsidiaries is set to take place, and if junior bondholders win they could pull the whole company into bankruptcy. That could leave investors with nothing, which is why I wouldn’t go anywhere near this stock,\u201d Motley added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment\u2019s bankruptcy headache intensified into a nightmarish migraine this week, after a group of its top-tier creditors threatened to bail on the company\u2019s debt restructuring plan. Caesars is seeking chapter 11 bankruptcy for its chief operating unit, CEOC, as it looks to reorganize an industry-high $18 billion debt load. Meanwhile, the company is being […]<\/p>\n","protected":false},"author":42,"featured_media":33916,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,10,13,18],"tags":[],"acf":[],"yoast_head":"\nCaesars Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator<\/title>\n<meta name=\"description\" content=\"Caesars bankruptcy proceedings became even more complex as senior creditors filed against the company this week.\" \/>\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 Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator\" \/>\n<meta property=\"og:description\" content=\"Caesars bankruptcy proceedings became even more complex as senior creditors filed against the company this week.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/\" \/>\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=\"2016-02-18T01:53:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-02-18T02:11:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/02\/Caesars-Entertainment-bankruptcy-issues.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\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=\"3 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-bankruptcy-in-disarray\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/\",\"name\":\"Caesars Bankruptcy in Disarray as Senior Creditors File Against Gaming Operator\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/02\/Caesars-Entertainment-bankruptcy-issues.jpg\",\"datePublished\":\"2016-02-18T01:53:08+00:00\",\"dateModified\":\"2016-02-18T02:11:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Caesars bankruptcy proceedings became even more complex as senior creditors filed against the company this week.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-in-disarray\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/02\/Caesars-Entertainment-bankruptcy-issues.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/02\/Caesars-Entertainment-bankruptcy-issues.jpg\",\"width\":1024,\"height\":768,\"caption\":\"Caesars Entertainment is in trouble, as top tier and second tier both turn against the company\u2019s messy bankruptcy proceedings. 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