Caesars Bankruptcy Leaning Toward Independent Examiner
Creditors attached to the Chapter 11 bankruptcy filing for Caesars Entertainment Corp have been demanding that an independent examiner review the company’s recent business dealings, and now the company seems to agree.
By filing for Chapter 11 bankruptcy, the operating arm of Caesars Entertainment hopes to cut its debt from $18.4 billion down to $8.6 billion, blaming the slow economy as well as an over-saturated gambling market in the US for its financial shortcomings.
The company’s creditors, led by the hedge fund Appaloosa Management, are claiming that Caesars has “plundered” billions of dollars from the company’s operating unit, and that an independent examiner is needed to conduct an investigation of the operating units dealings since 2010.
While the parent company is claiming that the property transfers were fair, and that it supported the notion of having an independent examiner, it did ask the court for time so that the creditors and the operating unit could work out the scope of the investigation.
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