Caesars solves bankruptcy battle
The company reached a deal with its lenders and it’s now waiting for a plan to continue the process.
US.- Caesars Entertainment Operating Company announced that they reached an agreement with their lenders on Friday, after more than a year of dispute that started when Caesars’ subsidiary introduced a formal document to exit Chapter 11 receivership and reorganise the company.
The company that operates Caesar’s Entertainment Corp filed for Chapter 11 bankruptcy almost two years ago, and started the discussions after some creditors said that they involved some assets from Las Vegas. The lenders had set the deadlines for December 24. The threats from the lenders came after Caesar failed to submit documents that ensured the creditors that the value of the assets would remain in two fractions. After revealing that they reached an agreement, Caesars can finally see a clear path that leads to an exit from the two-year bankruptcy problem.
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.
