Lawsuit brought by Wilmington Savings Fund Society
Caesars loses bid to have Delaware lawsuit dismissed
A Delaware judge has refused to dismiss a lawsuit accusing Caesar's Entertainment Corp. of fraudulently transferring assets of its operating subsidiary to shield them from creditors owed more than USD 3.6B.
2015-03-20
Reading time 31 seg
A Delaware judge has refused to dismiss a lawsuit accusing Caesar's Entertainment Corp. of fraudulently transferring assets of its operating subsidiary to shield them from creditors owed more than USD 3.6B.
The lawsuit was brought by Wilmington Savings Fund Society, as trustee for holders of notes issued by Caesar's Entertainment Operating Co. and guaranteed by its parent.
The judge on Wednesday rejected arguments that the bondholders were contractually required to bring such claims in New York, and that keeping the lawsuit in Delaware would pose a hardship for the defendants.
Caesar's, whose operating unit sought bankruptcy protection in Illinois in January, filed its own lawsuit in New York hours after the Delaware complaint was filed, seeking a declaration that it hadn't defaulted on its indenture agreements or engaged in wrongdoing.
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