Shareholders give thumbs up to Caesars merger
Caesars stockholders approved a merger of two companies -- Caesars Entertainment Corporation and Caesars Acquisition Company, which would place 18 Caesars resorts, including ones in Nevada, under a newly formed company.
Caesars President and CEO Mark Frissora said in a statement on the matter that the shareholder approval was a significant step towards the deal’s completion and the reorganization of Caesars Entertainment Operating Co. (CEOC), the company’s main operating business.
CEOC filed for Chapter 11 bankruptcy protection in January 2015 and it took precisely two years for the company to have its restructuring plan approved by Northern District of Illinois Judge Benjamin Goldgar. Under the terms of that plan, Caesars will split its gaming business from its real property assets.
Caesars Entertainment will still run the casino operations but the other assets will be controlled by a real estate investment trust, which will, in turn, be held by some of the company’s creditors.
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