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<span class="articleLocation”>Caesars Entertainment Corp’s main
operating unit has cleared the way for the casino operator to
exit bankruptcy protection with an agreement that ends the last
objection to its reorganization plan, lawyers told a U.S. judge
The U.S. government’s bankruptcy watchdog had objected to
the reorganization of Caesars Entertainment Operating Co Inc,
the subsidiary that filed an $18 billion bankruptcy in 2015,
because of legal protections for the non-bankrupt parent.
The objection by the U.S. Trustee was a cloud over next
week’s trial to approve the Caesars unit’s plan to cut $10
billion of debt and emerge from its two-year Chapter 11
A last-minute deal with the U.S. Trustee removes that
threat. The news sent shares of the Caesars parent up 2.8
percent at $8.895.
Details of the agreement would be filed later on Friday, Joe
Graham, a lawyer for the bankrupt unit, said at a hearing at the
U.S. Bankruptcy Court in Chicago.
Judge Benjamin Goldgar said that if the issues were
resolved, “you can present an order and I’ll sign it.”
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