- Casino giant, Caesars Entertainment Corp., one of the world’s largest gambling companies
- Caesar's placed its largest unit under Chapter 11 bankruptcy protection
Casino giant, Caesars Entertainment Corp. (CEC), one of the world’s largest gambling companies, placed its largest unit under Chapter 11 bankruptcy protection — leaving it to a judge to settle the bitter dispute among the company’s creditors and the investment firms that left the unit in debt after a buyout. We represented the ad hoc committee throughout the entirety of CEOC operating units’ bankruptcy case, even prior to the bankruptcy filing.
It was our strategy to seek summary judgment early in the case, securing a very favorable opinion by the district court that paved the way for an expeditious settlement with CEC. In the midst of the litigation, when CEC sought to have the Trust Indenture Act amended to render the district court action moot, our government relations consulting group ML Strategies helped to lobby Congress, which ultimately failed to pass any such amendments.
Additionally, ML Strategies, lobbied Congress on behalf of the ad hoc committee. Our professionals analyzed the documents associated with each tranche of debt and advised on various intercreditor issues. We developed strategy on a wide range of bankruptcy-related litigation issues that would impact noteholder recoveries. We also shaped the fight against the debtors' parent, CEC, in the district court.
Caesars Entertainment Corp. and its affiliates had their plan of reorganization confirmed in January of 2017 and exited bankruptcy in October of 2017.