It’s not the end, nor the beginning of the end but the end of the beginning for the Caesars Entertainment bankruptcy, to paraphrase Winston Churchill. So protracted has the bankruptcy been that its quiet resolution comes as an anticlimax.”I’ve never seen so much paper in my life,” said Judge Benjamin Goldgar of the millions of pages of documentation generated by the Chapter 11 filing. Judge Goldgar having given his assent for Caesars Entertainment Operating Co. to reform as a REIT, the process now moves on for consideration in Nevada, New Jersey, Mississippi, Louisiana, Illinois, Indiana and anywhere else Caesars operates. One hopes Goldgar had a big courtroom: the attorneys in attendance alone numbered nearly 200, to say nothing of other interested parties.
The U.S. Bankruptcy Trustee having dropped its objection to the Caesars exit strategy, the path is clear to wipe $10.5 billion in bad debt off Caesars’ books. Caesars’ creditors will become the landlords of its casinos, recouping their debt through rent payments from Continue reading