Tag Archives: Chapter 11
US – Bankruptcy Court finally approves Caesars’ $18bn plan
After a two-year court process, Caesars Entertainment Corp has been given approval for its $18bn bankruptcy plan. The US Bankruptcy Court for the Northern District of Illinois has confirmed the Debtors’ Plan of Reorganisation paving the way to conclude CEOC’s court-supervised restructuring process in 2017. Caesars’ subsidiary, Caesars Entertainment Operating Co (CEOC), has been allowed…
US – Caesars told Chapter 11 for operating unit will only protect the operating unit
Caesars Entertainment’s operating unit, which sought bankruptcy protection in January, has been told by a federal judge that the bankruptcy of its operating unit can’t protect Caesars Entertainment Corp. from investors’ lawsuits. Judge Robert Gettleman of the US District Court in Chicago said a bankruptcy judge’s decision ‘is not erroneous as a matter of law…
Bahamas – Baha Mar given stay of execution
Baha Mar, the stalled casino resort in the Bahamas, has been given a two-month reprieve from liquidation from the Bahamian Supreme Court. Whilst the government wanted immediate liquidation, the Justice Ian Winder of the Supreme Court decided to instead limit the liquidators’ remit and adjourn further proceedings until November 2. Baha Mar Chairman Sarkis Izmirlian…
Bahamas – Baha Mar refused Chapter 11 by local Supreme Court
Baha Mar, the developer of a $3.5bn casino resort in the Bahamas, has been knocked back in its quest to file for Chapter 11 bankruptcy with a Supreme Court refusing to accept the filing. A bankruptcy filing would have stopped creditors from taking action against the yet to open casino. Supreme Court Justice Ian Winder…
Bahamas – Baha Mar applies for Chapter 11 to complete opening
The hotel towers look resplendent and the casino is complete with equipment from IGT, Scientific, TCS John Huxley and CG Technology amongst others, ready to whirl into life. However the owners of Baha Mar, the $3.5bn global gaming destination resort in Nassau, The Bahamas, have filed for bankruptcy, just to ensure it does finally open….
US – Nevada Gaming Commission slams Caesars’ bankruptcy as ‘embarrassing’
The Nevada Gaming Commission has slammed Caesars Entertainment’s US$18m bankruptcy plan as ‘embarrassing’ to the company itself and to the state of Nevada and ‘completely perplexing’ during a hearing held last week. Caesars is hoping to write off billions of debt by juggling its assets and placing its major operating division through Chapter 11 bankruptcy….
US –Caesars commences Chapter 11 despite fallout with junior creditors
Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment, is moving forward to implement its previously announced financial restructuring plan. The operator said that the plan, which has received support from more than 80 per cent of first-lien noteholders, is intended to significantly reduce long-term debt and annual interest payments, while providing for significant recoveries…
US – Analysts speculate over Caesars bankruptcy filing
Caesars Entertainment has changed a debt document allowing senior bondholders to get a lien on the casino operator’s cash as it negotiates a restructuring of $18.3bn of debt. The move is seen by some analysts as increasing the likelihood that the Las Vegas-based operator could file for a bankruptcy as soon as January. Speaking to…
US – More Atlantic fear as Trump Entertainment resorts to Chapter 11
More jobs are under threat in Atlantic City with Trump Entertainment Resorts filing for Chapter 11 Bankruptcy, a move which analysts believe puts the future of Trump Taj Mahal under threat. Trump owns two properties; Trump Plaza, which is due to shut on September 16, and the Trump Taj Mahal, which analysts believe could now…
