The U.S. Bankruptcy Court confirmed Caesars Entertainment Operating Company’s (CEOC) Third Amended Joint Plan of Reorganization. Under the previously disclosed terms of the Plan, CEOC will emerge from bankruptcy, separating virtually all of its U.S.-based real property assets from its gaming operations. Caesars Entertainment Corporation (CEC) will continue to own and manage the gaming operations, and the real property assets will be held in a newly-created real estate investment trust (REIT) owned by certain of CEOC’s creditors. CEC will not own any equity interest in the REIT. In addition, in connection with CEOC’s emergence, CEC and Caesars Acquisition Company must complete their previously announced merger.
Mark Frissora, president and chief executive officer, states, “The confirmation of the Plan of reorganization marks a major milestone in CEOC’s restructuring process and facilitates a path forward to emergence in 2017. The new Caesars will be a stronger company with a healthy balance sheet, a plan for growth and investment, operating discipline and a relentless focus on employee and customer satisfaction. Upon CEOC’s emergence, we will be positioned to strengthen our financial and operational performance by pursuing new opportunities to invest in and expand our brands and business. While there is still much work ahead to complete this process, we are excited about the future of the Caesars enterprise.”
CEOC filed for Chapter 11 protection on January 15, 2015, listing $12 billion in pre-petition assets.
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