Caesars Entertainment Corporation issued a release in response to the report filed by Richard Davis, the U.S. Bankruptcy Court-appointed examiner in the Caesars Entertainment Operating Company (CEOC) bankruptcy proceeding.
The release notes, “We believe the evidence shows that each of the challenged transactions was undertaken to strengthen CEOC and provide it with the liquidity and resources required to sustain it and give it time to recover from unprecedented market challenges. These transactions provided immense and indisputable benefit to CEOC and its creditors, who received billions of dollars in principal and interest payments. This is ultimately a dispute about valuation, process and whether CEOC was solvent at the time of each of the transactions. We disagree with the Examiner’s subjective conclusions and opinions on these financial issues. Indeed, the Examiner’s conclusions are completely inconsistent with the careful analysis and considered opinions of the independent and highly regarded investment banks and law firms who advised on these processes.”
The release continues, “Despite these disagreements, Caesars Entertainment has agreed to contribute substantial and appropriate value to creditors in settlement of those issues as part of the plan of reorganization that is currently on file. The current plan keeps the Caesars family of companies linked together and maximizes value for all stakeholders, which will help provide the greatest financial outcomes for all parties.”
Read more CEOC bankruptcy news.
The post Caesars Entertainment Operating Company Response Issued appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.