Caesars Entertainment Corporation (CEC), the company that owns one of the most well known and iconic casinos in America, «Caesar’s Palace», have been through some rough times in the last few years. Their debt is extra big and they got very close to end their operations. But finally the governance of the company are closing in on a final resolution with senior creditors relating to the $18 billion debt restructure.
The majority of the creditors have already agreed and accepted the terms for the debt reorganisation. They have done anything within their powers to get the case away from the US bankruptcy courts, where it has been since January 2015. The company’s governance will now move to a January 17 final bankruptcy hearing. There the judges will review the debt plans and as it seems, the current stakeholders will be owning only a 6% of the company, if the plans will be approved of course. Until now, the governance of Caesars Entertainment Corporation (CEC) have spent over 300 million dollars on legal services. But as it seems, this will be the last act at the debt «battles».