Bankruptcy Case Might Cost Caesars $5.1 Billion in Damages
Caesars Entertainment Corp. (CEC) may address $5.1 billion in damages linked to lots of corporate discounts that led to its main running unit filing for Chapter 11 bankruptcy protection. That was what a completely independent examiner stated on Tuesday upon posting the results from a year-long investigation of the $18-billion debt situation involving one of many earth’s gambling operators that are biggest.
Former Watergate investigator Richard Davis and a team of attorneys had been appointed year that is last examine a lot more than 8 million pages of documents and interview 92 people in relation to Caesars Entertainment Operating Company’s (CEOC) bankruptcy filing.
Adhering to a higher than a year-long probe, Mr. Davis and their peers found out that Caesars, which is owned by Apollo worldwide Management and TPG Capital, disposed of prime properties, hence making the company unable to pay for a huge debt.
The research was initiated this past year, after a band of junior creditors, led by Appaloosa Management, reported that CEOC, known to be Caesars’ primary working product, was indeed stripped clean of its most readily useful properties and this had benefited the gambling business as well as its owners.
Mr. Davis said in their 80-page summary for the case that the operator that is major face between $3.6 billion and $5.1 billion in damages for claims for the fraudulent disposal of assets and violation of fiduciary duties against officials of both CEOC and CEC. Continue reading «Bankruptcy Case Might Cost Caesars $5.1 Billion in Damages»