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Caesars Entertainment Operating Company Payment Approved

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The U.S. Bankruptcy Court issued an order approving Caesars Entertainment Operating Company’s motion to pay reasonable and documented fees and expenses (including legal and advisor fees and expenses) of Wilmington Trust, in its capacity as successor indenture trustee for the 10 3/4% Senior Unsecured Notes due 2016.

As previously reported, “The support of the SGN Trustee for the Debtors’ Plan process resolves significant confirmation-related issues at the 137 Subsidiary Guarantor estates. This armistice will allow the Debtors to focus on negotiating a potential consensual resolution to these cases with the remaining creditor groups that do not currently support the Plan and will save the Debtors the expense and distraction of additional litigation.”

Court-filed documents continue, “The Debtors seek authority to pay (a) the SGN Trustee’s reasonable and documented fees and expenses (including fees for attorneys and certain other advisors) incurred prior to June 21, 2016 (the ‘SGN RSA Effective Date’) in the aggregate amount of $11,524,150.15 upon entry of an order by this Court authorizing such payment and (b) the SGN Trustee’s reasonable and documented monthly fees and expenses (including fees for attorneys and certain other advisors) that have been or will be incurred after the SGN RSA Effective Date in excess of $150,000 per month up to a cap of $500,000 per month (which limitation will be calculated on a cumulative basis, and is subject to adjustment in the event of subsequent discussions) for so long as the SGN RSA has not been terminated (collectively, the ‘SGN Fees and Expenses’).”

The hearing is continued to October 19, 2016, with objections due by September 23, 2016.

Read more CEOC bankruptcy news.

The post Caesars Entertainment Operating Company Payment Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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