Jan 15, · It looks like Caesars Entertainment's luck has finally run out. The operating unit of the troubled casino and hotel operator has filed for bankruptcy under Chapter Jan 15, · LAS VEGAS --A cash-strapped division of casino giant Caesars Entertainment Corp. said early Thursday that it filed for bankruptcy protection in Chicago, hoping the court agrees to . Jan 17, · Caesars Entertainment Corp has wrapped up the $18 billion bankruptcy of its main operating unit, allowing the casino company to focus on restoring the tarnished Harrah's, Caesars .
The operating unit of the troubled casino and hotel operator has filed for bankruptcy under Chapter The group, which runs Caesars Palace and scores of other properties in the U. The cash-strapped company will be split into two units, a casino operator and a property trust, according to a company statement.
Chapter 11 is the last resort for the firm's lengthy financial struggles which began after a buyout by Apollo Management and TPG Capital in In its annual report the group said the extent of its debt problems would require the company to "ultimately seek a restructuring, amendment, or refinancing of our debt. But the company assured pleasure seekers it's business as usual on the Las Vegas strip and beyond.
Caesars' lawyers have noted the division doesn't own or manage any casino-hotels in Delaware. Cathy Reece, director of law firm Fennemore Craig's bankruptcy practice, pointed out that Enron filed for bankruptcy in New York, rather than in its home state of Texas, and the court agreed.
It's up to the company as long as it can prove a connection to the area, she said. Several casino-hotels owned and managed by Caesars Entertainment Operating Co. Caesars unit files bankruptcy to cut debt, faces court fight. Article Categories News Illinois. Article Comments. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service , click the X in the upper right corner of the comment box. To find our more, read our FAQ.
Paddock Publications Employee-Owned. Recommended for You. Search DailyHerald.