Caesars bankruptcy plan suffers setback in court
The ruling came in a related lawsuit in Manhattan on the same day that the casino company sought bankruptcy protection last week in Chicago for its Caesars Entertainment Operating Co. unit. U.S. District Judge Shira Scheindlin rebuffed an attempt by the unit to dismiss the suit, which had been filed by shareholders. Scheindlin said their allegations about the transfer of valuable properties away from the unit in August -- and the parent company’s removal of guarantees for creditors -- amount to a violation of the federal Trust Indenture Act of 1939.
Because Scheindlin’s opinion didn’t completely dispose of the lawsuit, Caesars can’t appeal now unless the judge gives them permission. The company said in an e-mailed statement that it disagrees with the ruling, “which was based simply on the plaintiffs’ allegations” and which “we believe is inconsistent with the provisions of the Trust Indenture Act.”
“Given the size of the claims at issue and our strong defenses, we do not expect the ruling to impact the planned reorganization,” spokesman Stephen Cohen said in the statement.
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