• Company
  • Description
  • Recovery Amount
  • Caesars Entertainment Corporation
  • Danner v. Caesars Entertainment Corporation, et al.


Southern District of New York

G&E represents the lead plaintiff in a purported class action against Caesars Entertainment Corporation (“CEC”) and its subsidiary Caesars Entertainment Operating Company (“CEOC”) relating to a series of unsecured notes that were issued by CEOC and guaranteed by CEC. The complaint alleges that CEC, CEOC and certain preferred noteholders unlawfully amended the applicable indenture to eliminate CEC’s guarantee in violation of the Trust Indenture Act of 1939 and in breach of that contract.  CEC’s motion to dismiss Danner’s complaint was denied in its entirety as it applied to CEC. CEOC, meanwhile, filed a voluntary petition for relief under the Bankruptcy Code, thereby staying litigation against CEOC. Nonetheless, G&E has aggressively pursued the claims against CEC and opposed CEOC’s efforts in the bankruptcy court to enjoin and stay the Danner case. G&E has also been deeply involved in the bankruptcy proceedings and related litigation in furtherance of the interests of its client and the class of note holders. This case settled in August 2016, contingent upon confirmation of CEOC’s plan of reorganization (which occurred in January 2017), and the occurrence of the effective date of CEOC’s plan of reorganization. This action in the Southern District of New York will be dismissed following the effective date of CEOC’s plan of reorganization.