The U.S. Bankruptcy Court approved Caesars Entertainment Operating Company’s (CEOC) settlement by and among (i) CEOC and non-Debtor parent Caesars Entertainment Corporation (CEC) and (ii) Park Hotels & Resorts Hilton Worldwide, The Hilton Worldwide, Global Benefits Administrative Committee (GBAC) and Sheldon T. Nelson (as representative member of the GBAC).
As previously reported, “The Settlement Agreement, among other things, (a) reduces the Hilton Claims by approximately $17 million to account for CEOC’s defenses, and (b) provides for CEC’s assumption of prospective obligations under the Spinoff Agreements, which liabilities may be mitigated by the Hilton Parties’ obligation to remit to CEC certain amounts paid to the Hilton Parties pursuant to CEOC’s plan of reorganization. If approved, the Settlement Agreement also avoids the need to continue litigating complex ERISA and contractual issues in multiple for and resolves the claim of a significant party in interest. Such resolution will provide other parties in interest with more clarity on the claims pool and related recoveries at CEOC under the Debtors’ proposed chapter 11 plan. In sum, the Settlement Agreement represents a significant achievement for all parties and is an important step in the Debtors’ continued efforts to forge consensus with their stakeholders as they drive these chapter 11 cases toward a successful conclusion.”
Read more CEOC bankruptcy news.
The post Caesars Entertainment Operating Company Settlement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.