Caesars Entertainment to File Chapter 11 Bankruptcy Amid Pressure From Creditors
In 2013 — the most recent year with available data — 8,980 Chapter 11 bankruptcies were filed throughout the United States. Are bankruptcies public information? When it’s a large company, yes.
And 2015 is already shaping up to be a similar year, with news of casino empire Caesars Entertainment Corp.’s largest division filing Chapter 11 bankruptcy in the coming days.
According to a January 13 Wall Street Journal article, the division, Caesars Entertainment Operating Co., which runs the famed Caesars Palace casino in Las Vegas, was last expected to file its own Chapter 11 bankruptcy petition on or around January 15. This news comes despite the fact that Caesars’ bondholders filed papers in a Delaware court seeking to push the company into an involuntary bankruptcy filing.
With its bankruptcy filing, Caesars is hoping to restructure its crushing amount of debt — $18.4 billion — and create a more feasible repayment plan. The company has been in the spotlight for months as negotiations for a smooth debt restructuring with its creditors have proceeded.
Eric Seiler, the gambling company’s attorney, did not tell the Wall Street Journal which court Caesars has chosen for its filing. Bruce Bennett, one of the attorneys for Caesars’ creditors that filed for the involuntary bankruptcy, was also unsure which court would receive Caesars’ filing.
One can file for involuntary bankruptcy through the help of a bankruptcy attorney. In most cases, these lawyers can show you how to find bankruptcy case information that relate to businesses that are similar to your own. If you have a case study, it may enable you to make better financial decisions in the future. Bankruptcy info is much easier to find when you have a bankruptcy attorney on your side.
The job of a bankruptcy attorney is to lead you through the bankruptcy process both inside and outside of the courtroom. They can file your bankruptcy documents and work to provide you the necessary counsel as your case progresses. After all, the primary role of a bankruptcy attorney is to keep you away from bankruptcy as much as they can. If they’re able to mitigate your debt by liquidating your assets or by developing a payment plan with creditors, it might be enough to keep you out of hot water. How long is the bankruptcy process? It can range from a few months to a few years depending on the complexities of your case. In such high-profile cases as the Caesars Palace bankruptcy filing, it will likely take a while to develop a plan to ease their debt.
Caesars has released a statement regarding the Caesars Palace bankruptcy filing. It says the creditors that filed the involuntary bankruptcy papers “lack merit,” and that their petition is a “transparent attempt to thwart” the company’s self-filed bankruptcy, according to U.S. News and World Report. As a result, the casino company has filed a lawsuit against two of those creditors in the New York Supreme Court.
Currently, Caesars still has yet to formally answer the creditor petition that would force them into involuntary bankruptcy, the Wall Street Journal reports.