Caesar’s Files Chapter 11


(CN) – Caesar’s Entertainment on Thursday filed for Chapter 11 bankruptcy in Chicago, listing $19.9 billion in debts against $12.4 billion in assets, but a federal bankruptcy judge in Delaware stayed it on an interim basis.
     Chief unsecured creditors in the Jan. 15 filing in Great Lakes Bankruptcy Court are the Law Debenture Trust Company of New York ($530 million); Clark County, Nev. ($46.9 million); and the Iowa Gaming Commission ($42.6 million).
     The bankruptcy plan is opposed by hedge funds and junior noteholders, who filed an involuntary bankruptcy petition against Caesar’s on Monday in Delaware.
     Caesar’s wants to convert itself in to real estate investment trust, according to The Wall Street Journal, which reported that Apollo Global Management is fighting with Caesar’s over $1.7 billion Apollo put into the company in 2008.
     Caesar’s best-known property is Caesar’s Palace on Las Vegas’ strip.

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