Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Bankruptcy Deadline Approaching For Caesars Entertainment Operating Co. Inc
Author: Joel R. Glucksman
Date: June 19, 2015
Key Contacts
Back
Caesars Entertainment Operating Co. Inc has 6 more months for bankruptcy plan.
Caesars Entertainment Operating Co. Inc., the operating unit of Caesars Entertainment Corp., recently received another six months to draw up a proposed plan of reorganization to cut its debt. This will extend its “exclusivity period” – the time when only it can propose a plan without having to worry about creditors submitting rival plans. The creditors had pushed for a shorter timeline, but U.S. Bankruptcy Judge Benjamin Goldgar sided with Caesars, according to Reuters.
In issuing this ruling, which will give CEOC with more breathing room to determine the best way to cut debt, Judge Goldgar pointed to the magnitude of the case under consideration, the media outlet reported.
“The shear mass weight, volume and complication here is extraordinary,” he stated while in a Chicago court, according to the news source.
Lawyers for Caesars had pointed to similar matters when making their case for a longer timeline, stating in previous filings that because the case involves 173 business entities, a pending investigation being done by a court-appointed examiner, legal challenges and battling creditors, they will need more time, The Associated Press reported.
Because of the ruling, the Caesars operating unit has until Nov. 15, 2015, to submit its reorganization plan, according to the news source. CEOC has a deadline of Jan. 15, 2016, to obtain agreement from creditors.
Thus far, CEOC has suggested a plan that would divide the unit into a real estate investment trust and a casino operator, Reuters reported. Because Wall Street frequently perceives REITs as having greater worth, advocates of the plan will create value for creditors.
Are you a creditor in a bankruptcy? Have you been sued by a bankrupt? If you have any questions about your rights, please contact me, Joel Glucksman, at 201-806-3364.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.