Caesars creditor lawsuits threaten its “ability to continue as a going concern”
In a year-end filing with the US Securities Exchange Commission, Caesars says “uncertainties” relating to the lawsuits have left “substantial doubt regarding [Caesars] ability to continue as a going concern.”
Caesars said it believes it is “not probable” that these lawsuits would be resolved to the company’s disadvantage, but should they be proven wrong, the repercussions could have “a material adverse effect on our business, financial condition, results of operations and cash flows.”
Caesars’ main unit Caesars Entertainment Operating Co (CEOC), which holds 80% of the parent company’s debt, filed for Chapter 11 bankruptcy in January. Caesars has worked out a restructuring plan that would pay junior creditors about 10% of the $5b they’re owed, which isn’t sitting well.
Anticipating this screw-job, junior creditors filed multiple lawsuits last year, accusing Caesars of looting CEOC of its glitzier assets to shield them from the inevitable bankruptcy. Last week, US Bankruptcy Judge A. Benjamin Goldgar ordered an examiner to probe Caesars’ files for signs of chicanery surrounding these transfers and any other dirt they might uncover.
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