Improved bankruptcy plan recovery for noteholder class in Caesars Entertainment restructuring
Plaintiff(s):
Noteholders led by class representative
Case type / claims:
Proposed class action challenging transactions designed to remove a parent guarantee of Caesars Entertainment Operating Company debt, alleging breach of trust indenture provisions and fraudulent conveyance.
Defendant(s):
Caesars Entertainment Corporation and affiliates
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2016
Outcome:
- A settlement that enhanced the bankruptcy plan treatment for the lead plaintiff and class, valued between $14.7 million and $33 million.
