Caesars close to bankruptcy hearing
The company’s fight could be coming to an end next week.
US.- Caesars Entertainment Corporation (CEC) is set to head into a crucial hearing next Tuesday 17 to try to reach a conclusion in its Chicago bankruptcy case. Last month, the company announced that they reached an agreement with their lenders.
The dispute started when Caesars’ subsidiary introduced a formal document to exit Chapter 11 receivership and reorganise the company. Multiple sources confirm that almost 90 percent of senior creditors agreed to terms relating to the debt structure of the bankrupt unit Caesars Entertainment Operating Company. After more than a year of dispute, there’s a possibility that debt stakeholders are willing to move forward with the negotiations to reach a final closure on the subject.
On the next hearing, CEC will present its plans to restructure the company and create a business entity where its private owners will own 6 percent of equity. Caesars Entertainment Corporation reported a US$2 billion loss in the second quarter, and from June to September the company managed to gain net revenue of US$986 million, a 3 percent year on year increase.
