Caesars Entertainment Corporation (CEC) announced that its board has appointed the Honorable Robert E. Gerber as chief restructuring officer. This appointment came at the recommendation of CEC’s independent director committee, the strategic alternatives committee.
Judge Gerber will report to this committee and help it carry out its responsibilities, including advising on a potential restructuring of CEC if the Company cannot resolve its differences with Caesars Entertainment Operating Company (CEOC) and its creditors with regard to CEOC’s restructuring and related litigation against CEC, or if other factors make a potential restructuring of CEC advisable.
Fred Kleisner, chairman of the strategic alternatives committee, notes, “Caesars Entertainment has offered substantial value to CEOC in an effort to end the protracted and expensive bankruptcy proceedings of CEOC. Despite a proposal that would provide CEOC and its creditors with value that Caesars Entertainment believes would be more than sufficient to address the findings of the Examiner, as well as settle the ongoing guarantee litigation pending against the Company, there remains disagreement between the parties, over how to quantify and allocate this value.”
Judge Gerber has extensive experience with large and complex bankruptcy proceedings and was a U.S. Bankruptcy Judge in the Southern District of New York for over 15 years. Prior to that, he practiced with Fried, Frank, Harris, Shriver & Jacobson, specializing in securities and commercial litigation and, thereafter, bankruptcy litigation and counseling.
CEC’s strategic alternatives committee is presently comprised of three independent directors, is advised by its own legal and financial advisors and is charged with exploring, evaluating and reviewing potential strategic alternatives and contingency planning for CEC as it relates to the ongoing bankruptcy proceedings of CEOC and the related litigation pending against CEC. The committee also oversees the Company’s involvement in CEOC’s bankruptcy proceedings.
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