Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Judge Gives CEOC More Time to Create Restructuring Plan
Author: Joel R. Glucksman
Date: May 20, 2015
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A federal judge recently granted a request made by Caesars Entertainment Operating Co. to continue its “exclusivity” period – that is, the time when only the debtor may file a proposed restructuring plan.
At an April 29 hearing in Chicago, U.S. Bankruptcy Judge Benjamin Goldgar ruled in Caesar’s favor and extended exclusivity until May 27, Reuters reported.
Extension Request
CEOC, the operating unit of major casino company Caesars Entertainment Corporation, asked for the extension so that it could file its proposed plan following the completion of an inquiry launched by an independent examiner, according to Dow Jones Business News.
The independent examiner got involved in the case after creditors alleged that CEOC had illegally transferred its assets to its parent company in an attempt to move them outside the reach of creditors before filing for Chapter 11 bankruptcy protection, Reuters reported in a separate article.
Disputed Transactions
However, Caesars Entertainment Corporation took a different tack, asserting that it transferred the assets at a fair value, according to the news source. Nevertheless, according to Caesar’s, many of the parties-in-interest in the bankruptcy appear not to want to reach an opinion on a Caesar’s plan of reorganization until the court-appointed independent examiner’s report on the asset transfers is complete, Dow Jones Business News reported.
“These cases are in their early stages and numerous outstanding contingencies could have a significant impact on the terms of the plan or a new plan proposed by the debtors,” stated a mid-April filing, which requested that CEOC have the exclusive right until Nov. 15 to file its own plan of reorganization without having to worry about other plans, according to the news source. In addition, Caesar’s asked the court to give it until Jan. 15, 2016, to solicit votes on any plan it files.
Parties involved in bankruptcy cases frequently make these requests for more time, the media outlet reported. Debtors in complicated cases – for example the one involving CEOC – are even more likely to ask for such a concession.
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