At least five Am Law 100 firms have played a role in Caesars Entertainment Corporation's purchase of Caesars Acquisition Company in an attempt to ward off a complicated bankruptcy proceeding involving a subsidiary. Skadden and Latham are representing Caesars Acquisition Company and its special committee, respectively, while Reed Smith and Paul Weiss are counseling Caesars Entertainment and its executive committee.
December 23, 2014 at 06:59 PM
1 minute read
Caesars Entertainment Corporation (CEC) on Monday announced it would buy its affiliate, Caesars Acquisition Company (CAC), in an effort to help restructure a subsidiary facing a Chapter 11 bankruptcy filing in January.
CEC’s subsidiary, Caesars Entertainment Operating Company (CEOC), announced Friday that it would enter Chapter 11 next month, which would allow it to shed about $10 billion worth of debt, leaving $8.4 billion of debt remaining, Reuters reported.
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