{"id":43902,"date":"2017-01-17T18:00:11","date_gmt":"2017-01-18T02:00:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=43902"},"modified":"2017-01-17T16:53:43","modified_gmt":"2017-01-18T00:53:43","slug":"caesars-hauls-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-hauls-bankruptcy\/","title":{"rendered":"Caesars Hauls Itself Out of Bankruptcy"},"content":{"rendered":"

Caesars Entertainment is at last ready to drag its main operating unit, Caesars Entertainment Operating Co. (CEOC), out of bankruptcy.<\/p>\n

\"Caesars
Don\u2019t you love it when a plan comes together? Angels trumpet the news that Caesars\u2019 main operating unit is to finally emerge from bankruptcy, alleviating some $10 billion of its debts. The casino giant will now begin a turbulent period of reorganization. (Image: Flickr)<\/figcaption><\/figure>\n

Its bankruptcy reorganization plan was approved Tuesday by Judge Benjamin Goldgar in a Chicago court, putting to bed (we hope) a two-year saga that one of Caesars own lawyers described as \u201cthe largest and most complex bankruptcy in a generation.\u201d<\/p>\n

It involved a company debt so astronomically high it required a double-take; there were accusations of fraud and asset stripping; a former Watergate prosecutor turned up at one point, and a mediator resigned in frustration.<\/p>\n

This, of course, makes it all sound entertaining. It wasn\u2019t. It was a bankruptcy case. And at times it felt like it would never end, a thought that must have flashed across the mind of Judge Goldgar<\/a> once or twice during the proceedings.<\/p>\n

“It is a monumental achievement,” said a relieved Goldgar, as he gave the plan his blessing.<\/p>\n

The Grand Plan<\/b><\/h2>\n

CEOC will shave $10 billion off its $18 billion debt load as part of the reorganization plan, while separating its US-based property assets from its gaming operations as it\u2019s spun off into a real-estate investment trust.<\/p>\n

Parent company Caesars Entertainment, meanwhile, will merge with subsidiary, Caesars Acquisition Co (CACQ.O), with a view to regrouping its casinos and hotels together.<\/p>\n

CEOC filed for bankruptcy in January 2015 and was immediately sued by its junior creditors, who felt they were getting a raw deal, in a bid to hold the parent company to guarantee of CEOC\u2019s debts.<\/p>\n

\n

They also accused the company of systematically stripping the bankrupt unit of its most prized assets, leaving it with nothing but distressed assets and unpayable debts, for the benefit of its controlling private equity backers.\u00a0 \u00a0<\/span><\/strong><\/p>\n<\/blockquote>\n

It wasn\u2019t until October 2016 that the last of its creditors come on board with a radically altered plan that offered them billions more in cash and increased equity in a reorganized Caesars, in return for dropping litigation and allegations of fraudulent behavior.<\/p>\n

Terms Agreed with US Trustee <\/b><\/h2>\n

Caesars vaulted a final hurdle last week when it came to terms with the US Trustee. The bankruptcy watchdog had threatened to scuttle the entire process, lodging an official objection to the plan in December.<\/p>\n

The watchdog said it was concerned about the \u201cblanket immunity\u201d the deal offered to Caesars\u2019 controlling private equity backers, Apollo and TPG.<\/p>\n

Caesars<\/a> came to terms with the US Trustee on Friday, although the details of the deal have yet to be filed in court.<\/p>\n

“Upon CEOC’s emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business,” Mark Frissora, president and chief executive officer of Caesars Entertainment, said in a statement.<\/p>\n

CEOC is expected to emerge fully from bankruptcy later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment is at last ready to drag its main operating unit, Caesars Entertainment Operating Co. (CEOC), out of bankruptcy. Its bankruptcy reorganization plan was approved Tuesday by Judge Benjamin Goldgar in a Chicago court, putting to bed (we hope) a two-year saga that one of Caesars own lawyers described as \u201cthe largest and most […]<\/p>\n","protected":false},"author":42,"featured_media":43905,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nCaesars Hauls Itself Out of Bankruptcy<\/title>\n<meta name=\"description\" content=\"Caesars operating unit to emerge from two-year bankruptcy as US Trustee comes on board. 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