Caesars to see Casino Business CEOC out of Bankruptcy
After several years of sitting in bankruptcy protection Caesars Entertainment Operating Co Inc (CEOC) will now exit that protection shortly according to executives at its parent company Caesars Entertainment.
CEOC runs the brands for Caesars Entertainment and the parent company which was saddled with some $30 billion in the buyout leverage of the company by Apollo Global Management LLC and TPG Capital Management back in 2008.
Ever since the company has struggled with that debt and several re-structuring of the business has failed to alleviate the issue. Back in 2015 CEOC went into bankruptcy protection with debts of $18 billion.
“Caesars Entertainment has now received approvals from all necessary gaming authorities related to the restructuring of CEOC and its emergence from bankruptcy, as well as approval of the stockholders of both the company and Caesars Acquisition Co for the merger,” the company said in a statement.
“Caesars Entertainment and CEOC continue to work toward finalising certain financing activities and other transactions related to CEOC’s restructuring, and they anticipate being in position to complete the merger and restructuring of CEOC by Friday, October 6, 2017,” concluded the company.
Although not all the investors were happy with the new arrangements as some $10 billion will be wiped off the debt pile it is expected that regulatory bodies will approve the deal and see Caesars hopefully on a better footing for all their employees.
