Bankruptcy Case Might Cost Caesars $5.1 Billion in Damages
Caesars Entertainment Corp. (CEC) may face up to $5.1 billion in damages related to a number of corporate discounts that resulted in its primary operating unit filing for Chapter 11 bankruptcy security. That was just what an independent examiner stated on Tuesday upon publishing the outcome from a year-long investigation associated with the $18-billion debt situation involving one of the earth’s biggest gambling operators.
Former Watergate investigator Richard Davis and a team of attorneys had been appointed this past year to examine a lot more than 8 million pages of documents and interview 92 people with regards to Caesars Entertainment Operating Company’s (CEOC) bankruptcy filing.
Following a greater than a year-long probe, Mr. Davis and their peers learned that Caesars, which will be owned by Apollo Global Management and TPG Capital, discarded prime properties, hence making the company incapable to pay a debt that is huge.
The investigation ended up being initiated year that is last after having a band of junior creditors, led by Appaloosa Management, claimed that CEOC, considered to be Caesars’ main operating unit, had been stripped clean of its best properties and this had benefited the gambling company as well as raging bull casino no deposit bonus codes 2017 its owners.
Mr. Davis said in their 80-page summary for the instance that the major operator may 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. 더 보기 “Bankruptcy Case Might Cost Caesars $5.1 Billion in Damages”