• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

2

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

3

Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45

1

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

2

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

3

Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
Finance

U.S. Watchdog Objects to Caesars Entertainment Unit’s Bankruptcy Proposal

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 22, 2016, 3:37 PM ET
Caesars Entertainment, Atlantic City Hotel and Casino, and the Trump Plaza Hotel and Casino stand in Atlantic City, New Jersey, U.S., on Thursday, July 17, 2014.
Photograph by Ron Antonelli—Bloomberg via Getty Images

The U.S. government’s bankruptcy watchdog objected on Monday to a Caesars Entertainment subsidiary’s proposal to exit Chapter 11, threatening to derail a largely consensual plan to slash $10 billion of debt.

The Caesars subsidiary, Caesars Entertainment Operating Co (CEOC), filed an $18 billion bankruptcy in January 2015 amid allegations by creditors that its private equity-backed parent had looted the unit of its best assets and stripped debt guarantees.

Feuding parties made a peace deal in September that included a $5 billion contribution by Caesars to the unit’s reorganization plan in exchange for releases from billions of dollars in potential legal claims.

In a filing with the U.S. Bankruptcy Court in Chicago, the U.S. Trustee objected to the releases and the exculpation of “a wide array of parties for acts far beyond the plan or the Chapter 11 cases.” The U.S. Trustee called the releases “blanket immunity.”

A report by an independent examiner in March said that Caesars and its private equity backers Apollo Global Management LLC and TPG Capital Management LP could be on the hook for up to $5.1 billion in damages for the alleged asset-stripping.

Caesars, Apollo, and TPG have denied any wrongdoing.

The U.S. Trustee, which oversees the administration of bankruptcy cases, also criticized the legal releases as too broad for shielding against willful misconduct or actual fraud.

 

Caesars did not immediately reply to a request for comment on Monday.

A trial to confirm the bankruptcy is scheduled in Chicago for January.

If the U.S. Trustee disagrees with the confirmation of the bankruptcy, it could appeal to a higher court.

Apollo and TPG formed Caesars through the $30 billion leveraged buyout of Harrah’s Entertainment in 2008, just before the U.S economy tipped into recession.

Under the proposed reorganization plan, CEOC will be split into a real estate investment trust controlled by lenders and a separate operating company that will form part of a new restructured Caesars controlled by creditors.

Apollo and TPG will still own a 16% collective stake in the new restructured Caesars.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Full Coverage Car Insurance: What It Covers, What It Costs, and Who Needs It
Personal FinanceInsurance
Full Coverage Car Insurance: What It Covers, What It Costs, and Who Needs It
By Joseph HostetlerJune 11, 2026
1 hour ago
Exclusive: Consumer device giant LG Electronics to launch blockchain to place and sell ads
CryptoBlockchain
Exclusive: Consumer device giant LG Electronics to launch blockchain to place and sell ads
By Jack Kubinec and Ben WeissJune 11, 2026
4 hours ago
As SpaceX goes public, a $100 billion shadow market faces a reckoning
Startups & VentureSpaceX
As SpaceX goes public, a $100 billion shadow market faces a reckoning
By Allie GarfinkleJune 11, 2026
5 hours ago
Inflation is roaring back globally, 2022 style. The Iran war is only half the problem
EconomyInflation
Inflation is roaring back globally, 2022 style. The Iran war is only half the problem
By Eva RoytburgJune 11, 2026
6 hours ago
Gen Z intern speaking during meeting
SuccessJobs
Ken Griffin’s Citadel companies just hired 350 interns—only 0.36% of over 115,000 young applicants made the cut
By Emma BurleighJune 11, 2026
7 hours ago
Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders
SuccessWealth
Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders
By Preston ForeJune 11, 2026
8 hours ago

Most Popular

Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
Energy
Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer
By Sasha RogelbergJune 10, 2026
1 day ago
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
3 days ago
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
Innovation
Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
By Amanda GerutJune 9, 2026
2 days ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
3 days ago
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
Environment
Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back
By Catherina GioinoJune 9, 2026
2 days ago
Current price of oil as of June 10, 2026
Personal Finance
Current price of oil as of June 10, 2026
By Joseph HostetlerJune 10, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.