Caesars Entertainment taps new Chief Restructuring Officer

The appointment came at the recommendation of Caesars Entertainment's independent director committee, the Strategic Alternatives Committee.

Judge Gerber will report to this Committee and help it carry out its responsibilities, including advising on a potential restructuring of Caesars Entertainment if the company cannot resolve its differences with Caesars Entertainment Operating company, Inc. and its creditors with regard to CEOC's restructuring and related litigation against Caesars Entertainment, or if other factors make a potential restructuring of Caesars Entertainment advisable.

"Caesars Entertainment has offered substantial value to CEOC in an effort to end the protracted and expensive bankruptcy proceedings of CEOC," said Fred Kleisner, Chairman of the Strategic Alternatives Committee.

"Despite a proposal that would provide CEOC and its creditors with value that Caesars Entertainment believes would be more than sufficient to address the findings of the Examiner, as well as settle the ongoing guarantee litigation pending against the company, there remains disagreement between the parties, over how to quantify and allocate this value," he remarked.

Caesars Entertainment believes that Judge Gerber will be instrumental in assisting the Strategic Alternatives Committee in its efforts.

Judge Gerber has extensive experience with large and complex bankruptcy proceedings. He was a United States Bankruptcy Judge for the Southern District of New York for more than 15 years, presiding over a wide variety of complex Chapter 11, Chapter 15, Section 304 and SIPA cases — including 10 with over $1 billion in debt.

He was named as one of the nation's outstanding bankruptcy judges six times. Prior to that, he practiced with Fried, Frank, Harris, Shriver & Jacobson in New York, specializing in securities and commercial litigation and, thereafter, bankruptcy litigation and counseling.