LAS VEGAS, Sept. 28, 2016 /PRNewswire/ -- Caesars
Entertainment Operating Company, Inc. ("CEOC") and its Chapter 11
debtor subsidiaries (collectively, the "Debtors") today provided
the Bankruptcy Court with a report on the term sheet that has been
proposed to provide the basis for a revised plan of reorganization
for the Debtors (the "Revised Plan of Reorganization").
Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment") and representatives of most of CEOC's major
creditor groups have confirmed their support for the term sheet.
The term sheet provides that the parties will negotiate definitive
support agreements and the Revised Plan of Reorganization in good
faith through the close of business on September 30th, a process which could extend
beyond such date. CEOC reported that the parties are working
diligently on those documents, and advised the Bankruptcy Court
that a further hearing may be necessary to address whether any
proposed adjustments to the plan confirmation timetable are
warranted if the definitive support agreements are agreed to and
executed and the Revised Plan of Reorganization is agreed to and
filed.
Also today, the Bankruptcy Court scheduled a hearing for
October 4th to consider a
request that the Debtors intend to make for a stay of certain
litigation pending against Caesars Entertainment. That litigation
is presently stayed through October
5th. Assuming a Revised Plan of Reorganization is agreed
upon and definitive support agreements are entered into, it is
expected that most of CEOC's major creditor groups will support the
anticipated stay request. In addition, an appeal of the Bankruptcy
Court's previous denial of a requested stay of such litigation is
scheduled for argument on October 5th
in the United States District Court for the Northern District of
Illinois. If the Bankruptcy Court
does not grant CEOC's request for a stay on October 4th, and subsequently, CEOC is
unsuccessful in its appeal on October
5th, such litigation would resume. Summary judgment hearings
in such litigation are scheduled in United States District Court
for the Southern District of New
York on October 6th, and in
Delaware Chancery Court on
October 7th. Further information
regarding such litigation can be found in Caesars Entertainment's
SEC filings.
The Revised Plan of Reorganization, if agreed and filed with the
Bankruptcy Court, will be subject to a formal creditor vote and
confirmation by the Bankruptcy Court. The completion of CEOC's
restructuring under the Revised Plan of Reorganization will be
subject to numerous conditions, including regulatory approval,
completion of definitive documentation implementing the Revised
Plan of Reorganization and consummation of the merger between
Caesars Entertainment and Caesars Acquisition Company (Nasdaq:
CACQ).
About Caesars Entertainment Corporation
Caesars
Entertainment Corporation (CEC) is the world's most diversified
casino-entertainment provider and the most geographically diverse
U.S. casino-entertainment company. CEC is mainly comprised of the
following three entities: the majority owned operating subsidiary
Caesars Entertainment Operating Company, wholly owned Caesars
Entertainment Resort Properties and Caesars Growth Properties, in
which we hold a variable economic interest. Since its beginning in
Reno, Nevada, 75 years ago, CEC
has grown through development of new resorts, expansions and
acquisitions and its portfolio of subsidiaries now operate 47
casinos in 13 U.S. states and five countries. The Company's resorts
operate primarily under the Caesars®, Harrah's® and Horseshoe®
brand names. CEC's portfolio also includes the London Clubs
International family of casinos. CEC is focused on building loyalty
and value with its guests through a unique combination of great
service, excellent products, unsurpassed distribution, operational
excellence and technology leadership. The Company is committed to
environmental sustainability and energy conservation and recognizes
the importance of being a responsible steward of the environment.
For more information, please visit www.caesars.com.
Forward Looking Statement
This release includes
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. These statements contain words such as, "likely", "assuming"
, "could", "expect" and "forecast" or the negative or other
variations thereof or comparable terminology. These
statements relate to, among other things, the confirmation received
from representatives of CEOC's major creditor groups, future
actions that may be taken by CEC and others with respect thereto
and consummation of a consensual restructuring of the
Debtors. These forward-looking statements are based on
current expectations and projections about future events.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual performance of CEC may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, but are not limited to, the
following factors, as well as other factors described from time to
time in our reports filed with the Securities and Exchange: CEC's
ability (or inability) to secure additional liquidity to meet its
ongoing obligations and its commitments to support the CEOC
restructuring as necessary, CEC's financial obligations exceeding
or becoming due earlier than what is currently forecast and risk
associated with the CEOC restructuring and related litigation.
Source: Caesars Entertainment Corporation
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SOURCE Caesars Entertainment Corporation