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Best of Howard Stutz

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Howard Stutz
 

Bankruptcy judge denies Caesars bid to appeal ruling

30 July 2015

The bankruptcy judge overseeing the reorganization of Caesars Entertainment's largest division said Wednesday the company could not pursue a fast appeal to his ruling that allows bondholder lawsuits to proceed.

Caesars wants to overturn the ruling last week by U.S. Bankruptcy Judge Benjamin Goldgar of Chicago. Debt-ridden Caesars said four lawsuits by bondholders in New York and Delaware could push the entire Las Vegas-based company into bankruptcy.

In January, Caesars placed Caesars Entertainment Operating Co., into a Chapter 11 reorganization. The division has $18.4 billion of the company's $22.8 billion in long-term debt.

Goldgar denied a request to appeal his decision directly to the federal circuit court, bypassing the district court, according to Bloomberg News.

"I'm not convinced a direct appeal will expedite anything here," Bloomberg quoted Goldgar as saying.

Through bankruptcy, Caesars hopes to eliminate almost $10 billion of the division's debt and convert CEOC into a real estate investment trust.
Bankruptcy judge denies Caesars bid to appeal ruling is republished from Online.CasinoCity.com.