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Caesars Entertainment Operating Company Settlement Proposed

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According to a corporate release, Caesars Entertainment Operating Company (CEOC) disclosed certain information in connection with its ongoing discussions with certain stakeholders regarding its restructuring proceedings. The Debtors and their parent company, Caesars Entertainment Corporation (CEC), have engaged in recent negotiations with Wilmington Trust in its capacity as indenture trustee for the issuance of 10. 3/4% Senior Notes due 2016 and holders of claims on account of these notes regarding potential Plan treatments for such claims. In connection with these negotiations, the Debtors and CEC have agreed that the subsidiary-guaranteed notes indenture trustee may retain GLC Advisors & Co. as financial advisor.

The release explains, “As part of the settlement process, the Debtors and CEC have made a non-binding settlement proposal to the Subsidiary-Guaranteed Notes Indenture Trustee that takes into consideration distinct rights asserted by the holders of Subsidiary-Guaranteed Notes claims vis-à-vis holders of other claims, including the existence of claims at certain Debtor estates holding unencumbered property and the pendency of certain claims objections filed by the Subsidiary-Guaranteed Notes Indenture Trustee.  Specifically, the Debtors and CEC have offered that the plan treatment for the Subsidiary-Guaranteed Notes claims would include, among other things, (a) allowance of the Subsidiary-Guaranteed Notes claims at each guarantor Debtor in the aggregate principal amount of $502,019,224.02, (b) providing the holders of Subsidiary-Guaranteed Notes claims payment of 85% of such allowed claims, (c) providing the Subsidiary-Guaranteed Notes Indenture Trustee and holders of the Subsidiary-Guaranteed Notes claims full releases of any and all actual or potential liability in connection with such parties’ turnover obligations, (d) providing the Subsidiary-Guaranteed Notes Indenture Trustee reimbursement by the Debtors of its reasonable and documented fees and expenses as of the effective date of the plan, and (e) providing for the support of the plan by the Subsidiary-Guaranteed Notes Trustee and holders of the Subsidiary-Guaranteed Notes claims. The holders of Subsidiary-Guaranteed Notes (Angelo Gordon & Co., D.E. Shaw Galvanic Portfolios, LLC, and Benefit Street Partners, LLC) who have participated in the negotiations with the Debtors and CEC support moving forward with a transaction that incorporates and implements the foregoing terms.”

Read more CEOC bankruptcy news.

 

The post Caesars Entertainment Operating Company Settlement Proposed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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