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Bankruptcy Case May Cost Caesars $5.1 Billion in Damages

Bankruptcy Case May Cost Caesars $5.1 Billion in Damages

Caesars Entertainment Corp. (CEC) may address $5.1 billion in damages associated with a number of business deals that resulted in its main running unit filing for Chapter 11 bankruptcy protection. Which was exactly what an independent examiner said on Tuesday upon posting the results from a year-long research associated with the $18-billion debt case involving one of the earth’s biggest gambling operators.

Former Watergate investigator Richard Davis and a team of attorneys had been appointed year that is last examine more than 8 million pages of documents and interview 92 people in relation to Caesars Entertainment Operating business’s (CEOC) bankruptcy filing.

Following a over a year-long probe, Mr. Davis and their peers discovered that Caesars, which is owned by Apollo worldwide Management and TPG Capital, removed prime properties, therefore making the business incapable to pay for a debt that is huge.

The investigation had been initiated this past year, following a group of junior creditors, led by Appaloosa Management, reported that CEOC, regarded as Caesars‘ primary running device, was indeed stripped clean of its most useful properties and this had benefited the gambling business and its particular owners.

Mr. Davis said in their 80-page summary regarding the case that the major operator may face between $3.6 billion and $5.1 billion in damages for claims for the fraudulent disposal of assets and violation of fiduciary duties against officials of both CEOC and CEC. Bankruptcy Case May Cost Caesars $5.1 Billion in Damages weiterlesen