The world famous casino-entertainment provider Caesars Entertainment Corp will undergo a restructuring and organizational changes. The bankruptcy court has approved their strategy. Now the company has $1.8 billion outstanding.
Caesars Entertainment Corp received the green light for restructuring, to exit out of bankruptcy. The company will undergo a restructuring of brands Harrah’s, Caesars and Horseshoe. Management received the approval of his plan in Court on question of bankruptcy of Northern Illinois. The new strategy will help write off part of debt in $10 billion, and will share the fixed assets of the company from the gaming operations. The company will receive licenses from the regulator, will hold necessary financial transactions, and will complete the merger between Caesars Entertainment and Caesars Acquisition Company.
‘Confirmation of the plan — land mark in our restructuration. Updated company will receive a healthy financial balance, a strategy for further growth and development. We will always focus on satisfaction of inquiries of our customers and employees. There is still a lot of work, but we are confident about the future,’ president of Caesars Entertainment Mark Frissora commented.
Caesars Entertainment is one of the largest casino operators in US. It is expected that the company will settle with creditors and get out of bankruptcy in 2017.