US Casino. Not only 90% of Caesars creditors have accepted terms of the CEOC debt reorganization, but debt stakeholders have also decided to “drop concerns” in order to resolve the issue which has been ongoing in US bankruptcy courts since January 2015
CEC (Caesars Entertainment Corporation) governance are now working to finalize a resolution relating to the US$18 billion debt restructuring of Caesars Entertainment Operating Company (CEOC) with senior creditors. On 17 January, CEC governance will attend a bankruptcy hearing and review its latest debt plans with concerned parties who seek final closure on the matter. Current shareholders will secure approximately 6% of a newly restructured business entity. (READ SO PENNSYLVANIA STATE LOOKING DESPERATELY FOR MONEY)
Chicago courts ordered CEC governance to pay $4 billion to first lien creditors in May 2016. CEC governance announced in August that it had successfully sold its interactive division’s Playtika Studios to a Chinese consortium for $4.4 billion.
Reportedly spending over $300 million on legal services, this could be final court hearing regarding CEC’s ongoing debt troubles.
