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Caesars Entertainment Operating Company Settlement Approved

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The U.S. Bankruptcy Court issued an order approving Caesars Entertainment Operating Company’s motion to pursue an investment opportunity in Accel Entertainment.

As previously reported, “Pursuant to the agreed-upon terms, the Debtors would acquire a 10 percent equity stake in Accel (on a fully diluted basis) for approximately $18 million, subject to certain adjustments…. At closing, CEOC shall pay each selling shareholder or Accel, as applicable, $42.65 per share purchased, which price shall be subject to adjustment by (a) multiplying Accel’s final TTM EBITDA ending on the date that is one month after December 31, 2016 (the ‘Adjustment Date’) by an agreed-upon multiple and making customary adjustments for Accel’s final net debt, working capital, and similar items on the Adjustment Date, and (b) dividing the amount determined in clause (a) by the fully diluted number of shares of Accel outstanding as of the Adjustment Date.”

Read more CEOC bankruptcy news.

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


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