Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Caesars Creditors Access Pending On Decision
Author: Joel R. Glucksman
Date: May 27, 2015
Key Contacts
Back
Caesars Entertainment Corporation’s operating unit, Caesars Entertainment Operating Co., has agreed to give creditors access to its business records.
In this way, creditors will be able to access records through an independent examiner investigating transactions that predated the unit’s bankruptcy filing, according to Reuters. However, although Caesars has agreed, that does not seal the deal, because a federal judge will not decide whether to approve the agreement until May 11th.
Creditors had originally sought access to this information after alleging Caesars Entertainment Corporation, a major U.S. casino company, used several intercompany deals to transfer ownership of valuable assets to its affiliates, according to a separate Reuters article. The creditors claimed Caesars Entertainment Corporation harnessed these transactions to benefit Apollo Global Management and TPG Capital Management, private equity firms that have interests in the major casino company.
Caesars foul play?
Further, the creditors alleged the deals were illegal attempts made by Caesars Entertainment Corporation to insulate some of CEOC’s assets from creditors, the media outlet reported. Amid these claims, U.S. Bankruptcy Judge Benjamin Goldgar ordered an independent examiner to look into the transactions CEOC made before filing for bankruptcy earlier this year.
In addition to deciding whether to grant creditors access to the records, Judge Goldgar will also determine whether he should approve the request creditors have made to access communications that relate to the odds that CEOC’s restructuring plan will be successful, according to Reuters.
The operating unit recently requested more time to file its own reorganization plan without having to worry about competing plans, asking that the federal court give the company until Nov. 15 to do so, Dow Jones Business News reported. While Caesars Entertainment Corporation has already submitted a proposal, CEOC said in a court filing that the majority of parties want to finalize the subsidiary’s current proposal after the independent examiner’s report is finished.
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
- 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
Are Your Conversations with AI Shielded from Discovery? Courts Are Split
Whether a client’s prompts to a generative AI tool and the documents it produces are protected from disclosure depends on the case type, who claims protection, and whether counsel was involved. In United States v. Heppner, a New York federal judge ruled that a criminal defendant’s communications with an AI platform were protected by neither […]
Author: Chris Seelinger
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
Author: Marc J. Comer
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
Author: Wendy Rubinstein Quiroga
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Author: Sean M. Pena
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Author: Nicholas Wall
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
Author: Jay McDaniel
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.