It comes two years after the subsidiary filed for the court’s protection, saying it couldn’t keep up with its USD 18 billion debt.
Caesars’ main operating unit won court approval this week for a plan to shed USD $ 10 billion of debt and end a contentious USD 18 billion bankruptcy filed nearly two years ago to the day.
The Caesars unit reached a deal last week to resolve the last objection to its reorganisation plan, which will split the business into a real estate investment trust and a separate operating company.
"It is a monumental achievement,” US Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganisation plan. Goldgar praised the various law firms that worked on the case.
Source:
GMB / Intergameonline.com
