Judge Says Caesars Bankruptcy Can Proceed in Chicago
The New York Times reported a federal bankruptcy judge in Delaware said Caesars Entertainment could proceed with a Chapter 11 bankruptcy of its largest unit in its preferred jurisdiction of Chicago, handing an incremental but important victory to the company and its private equity backers.
According to the Times the ruling by Kevin Gross, a federal bankruptcy judge in Wilmington, DE, resolves a question over jurisdiction that had halted the bankruptcy before it could begin, so private equity firms that control Caesars, Apollo Global Management and TPG, can try to carry out a restructuring plan to shed debt and salvage value from their investment.
To read the entire Times article, click here.
Previously on abfjournal: Caesars Accused in Lawsuit of Trying to Buy Lenders Votes, January 26, 2015