Caesars Palace Parent Company Begins to Exit Bankruptcy
Posted on Wednesday, November 16th, 2016 at 10:01 pm
The Caesars Entertainment Operating Co (CEOC) main casino operating unit filed for Chapter 11 bankruptcy back in January of 2015. The bankruptcy came as the result of $18 billion of debt owed by the company to creditors. Recently, after more than a year of intense legal proceedings, the Caesars entity has formulated a plan of action for exiting bankruptcy. The plan that CEOC has come up will require up to $3.8 billion in cash of financing, which the casino will need to raise from third party creditors.
The Caesars parent company’s plan for exiting bankruptcy involves dividing the main bankrupt unit into a casino operator and a real estate investment trust, which would both be controlled by creditors. Also in aid of repaying debts, Caesars Acquisition Co agreed to sell its online games unit for $4.4 billion cash.
Many businesses incur debts as they develop, and sometimes these debts are insurmountable with given revenues and financing, requiring the companies to appeal to alternate methods of repayment. There are many ways for a company to do this, and they aren’t always obvious. If your business is considering bankruptcy, the Raleigh business bankruptcy attorneys of the Bradford Law Offices, PLLC can use their experience when helping to formulate a strategy to help your business recover. Call us at (919) 758-8879 to learn more about how our attorneys can assist your particular situation.