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Caesars Entertainment Update Issued

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According to documents filed with the SEC, Caesars Entertainment (CEC) reports limited unrestricted cash available to meet its financial commitments. CEC notes that this is primarily the result of significant expenditures made to defend against litigation related to the Caesars Entertainment Operating Company’s (CEOC) restructuring and to support CEOC’s plan.

CEC currently contemplates liquidity to be sufficient through December 31, 2016; however, CEC’s cash balance will be consumed by expenses associated with CEOC’s restructuring unless CEC is able to identify additional sources of liquidity to meet ongoing obligations and commitments to support CEOC’s restructuring. Completion of the merger with Caesars Acquisition Company is expected to allow CEC to fulfill its financial commitments in support of the restructuring.

CEC warns, “If CEC is unable to obtain additional sources of cash when needed, in the event of a material adverse ruling on one or all of our ongoing litigation matters, or if CEOC does not emerge from bankruptcy on a timely basis on terms and under circumstances satisfactory to CEC, it is likely that CEC would seek reorganization under Chapter 11 of the Bankruptcy Code.”

Read more CEOC bankruptcy news.

The post Caesars Entertainment Update Issued appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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