{"id":36736,"date":"2016-06-17T10:27:00","date_gmt":"2016-06-17T17:27:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=36736"},"modified":"2016-06-17T10:27:00","modified_gmt":"2016-06-17T17:27:00","slug":"caesars-bankruptcy-judge-cuts-casino-giant-slack-creditors-lawsuits-put-ice","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-bankruptcy-judge-cuts-casino-giant-slack-creditors-lawsuits-put-ice\/","title":{"rendered":"Caesars Bankruptcy Judge Cuts Casino Giant Some Slack, Creditors\u2019 Lawsuits Put on Ice"},"content":{"rendered":"<figure id=\"attachment_36737\" aria-describedby=\"caption-attachment-36737\" data-style=\"width: 406px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-36737\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/102330413-480711241.530x298.jpg\" alt=\" Caesars gets respite from creditor lawsuits \" width=\"406\" height=\"228\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/102330413-480711241.530x298.jpg 530w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/102330413-480711241.530x298-142x80.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/102330413-480711241.530x298-166x93.jpg 166w\" sizes=\"(max-width: 406px) 100vw, 406px\" \/><figcaption  id=\"caption-attachment-36737\"class=\"text-description\">Bankruptcy judge grants Caesars Entertainment respite from two lawsuits that could transform casino chain into \u201cone of the biggest corporate messes of our time.\u201d (Image: cnbc.com)<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.casino.org\/news\/caesars-operating-unit-bankruptcy-delays-have-judge-in-a-thumbs-down-mood\" class=\"broken_link\">Caesars Entertainment<\/a> (CEC) has been dealt a break in its ongoing and increasingly messy bankruptcy negotiations. The company is attempting to put its main operating unit, Caesars Entertainment Operating Company (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this week halted two creditor lawsuits that could have dragged parent CEC down into bankruptcy also.<\/p>\n<p>On Wednesday Judge Benjamin Goldgar offered the embattled casino giant 74 days respite from the litigation spearheaded by CEOC\u2019s junior creditors to give Caesars time to work out a deal with all its creditors.<\/p>\n<p>The junior creditors, led by Appaloosa Management and Oaktree Capital Group, say they have claims worth $12.6 billion, a sum that could cripple CEC. These creditors accuse CEC of fraudulently transferring many of CEOC\u2019s best assets to CEC and a tangled web of subsidiaries for the benefit of its controlling private equity backers, Apollo Global and TPG.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>They argue that CEC has created a \u201cgood Caesars\u201d and a \u201cbad Caesars,\u201d one to own the valuable and iconic properties and one to hold the debt.\u00a0<\/strong><\/p><\/blockquote>\n<h2><b>Corporate Mess<\/b><\/h2>\n<p>A recent court examiner\u2019s report agreed with this assessment after analyzing 80 million documents relating to the company\u2019s financial affairs.<\/p>\n<p>The examiner, ex-Watergate prosecutor Richard Davis, believes that sometime in 2012 Apollo and TPG began a strategy of weakening <a href=\"https:\/\/www.casino.org\/news\/caesars-entertainment-corp-offers-4-billion-to-ceoc-creditors\">CEOC<\/a> and strengthening CEC and other subsidiaries in preparation for CEOC\u2019s bankruptcy. Davis also claims CEOC was possibly insolvent as early as 2008. Caesars has denied the allegations while branding the report \u201csubjective.\u201d<\/p>\n<p>Lawyers for CEOC appealed earlier in the week for Judge Goldgar to put the cases on hold because they believed they were close to reaching consensual agreement with all creditors on a reorganization plan for CEOC that would include a $4 billion contribution from CEC.<\/p>\n<p>This contribution was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could create &#8220;one of the biggest corporate messes of our time,&#8221; they warned.<\/p>\n<h2><b>August 29 Deadline<\/b><\/h2>\n<p>But lawyers for Appaloosa and Oaktree argued that the lawsuits were putting pressure on CEC and Apollo and TPG to negotiate and that this was a positive thing.<\/p>\n<p>\u201cThe purpose is not to give the debtors and Caesars an opportunity to avoid negotiations and then at confirmation cram a plan down on the second-lien note holders,\u201d the judge warned in granting the reprieve.<\/p>\n<p>Caesars now has until August 29 to negotiate itself out of an extremely tight spot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caesars Entertainment (CEC) has been dealt a break in its ongoing and increasingly messy bankruptcy negotiations. The company is attempting to put its main operating unit, Caesars Entertainment Operating Company (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this week halted two [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":36737,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Caesars Bankruptcy Judge Cuts Casino Giant Some Slack<\/title>\n<meta name=\"description\" content=\"Caesars received a stay of execution from bankruptcy judge this week as creditor lawsuits are halted.\" \/>\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 Judge Cuts Casino Giant Some Slack\" \/>\n<meta property=\"og:description\" content=\"Caesars received a stay of execution from bankruptcy judge this week as creditor lawsuits are halted.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-bankruptcy-judge-cuts-casino-giant-slack-creditors-lawsuits-put-ice\/\" \/>\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=\"2016-06-17T17:27:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/102330413-480711241.530x298.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"530\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\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\" 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