Caesars Entertainment to merge with Caesars Acquisition Co.
Caesars unit expected to exit bankruptcy this week
Caesars released a statement Monday saying it had been granted approval from shareholders and gaming authorities for the restructuring of CEOC, which filed for bankruptcy protection in January 2015.
2017-10-04
Reading time 29 seg
Caesars Entertainment Corp said on Monday it hoped its casino unit to end a long and costly bankruptcy by October 6 as part of a move that would create a new structure for the owner of the Harrah‘s, Caesars and Horseshoe brands.
Caesars released a statement Monday saying it had been granted approval from shareholders and gaming authorities for the restructuring of CEOC, which filed for bankruptcy protection in January 2015.
As part of the reorganization plan, Caesars Entertainment - formed from the 2008 buyout of Harrah’s - will merge with another subsidiary, Caesars Acquisition Co.
That merger and the restructuring are still subject to certain financing and real estate transactions, various internal and third party transfers and other closing conditions, the company stated.
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