LAS VEGAS, Dec. 5, 2016 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment") and Caesars Entertainment Operating Company,
Inc. ("CEOC") and its Chapter 11 debtor subsidiaries
(collectively, the "Debtors") today announced that substantially
all voting creditor classes have voted to accept CEOC's proposed
plan of reorganization ("Plan"). The Plan was accepted by more than
90% of voting creditors. Each of the creditor classes for the
Debtors' first lien noteholders, first lien bank lenders, second
lien noteholders, subsidiary-guaranteed noteholders, and unsecured
noteholders voted to accept the Plan in numbers well in excess of
what is necessary to confirm the Plan. The overwhelming
support for the Plan is an important milestone toward CEOC
confirming its Plan and emerging from bankruptcy protection in
2017.
"The significant support demonstrated by CEOC's creditor
constituencies brings the resolution of CEOC's bankruptcy one step
closer," said Mark Frissora,
President and Chief Executive Officer of Caesars Entertainment.
"Upon conclusion in 2017, Caesars will be well-positioned to
continue growing and prospering as an independent company,
delivering on our strategic priorities to drive value for all of
our stakeholders."
The final voting results on the Plan for all 173 Debtors were
certified and filed with the U.S. Bankruptcy Court for the Northern
District of Illinois earlier
today. Although there are certain unsecured creditor classes
voting to reject the Plan at certain Debtor entities, there are a
significant number of classes voting in favor of the Plan at each
Debtor entity and the Plan can be confirmed under the Bankruptcy
Code notwithstanding the rejecting classes.
The Plan remains subject to bankruptcy court approval, required
gaming regulatory approvals, the completion of a merger between
Caesars Entertainment and Caesars Acquisition Company, and various
other closing conditions. The confirmation hearing is scheduled to
begin on January 17, 2017.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation (CEC) is the world's most
diversified casino-entertainment provider and the most
geographically diverse U.S. casino-entertainment company. CEC is
mainly comprised of the following three entities: the majority
owned operating subsidiary Caesars Entertainment Operating Company,
wholly owned Caesars Entertainment Resort Properties and Caesars
Growth Properties, in which we hold a variable economic interest.
Since its beginning in Reno,
Nevada, 75 years ago, CEC has grown through development of
new resorts, expansions and acquisitions and its portfolio of
subsidiaries now operate 47 casinos in 13 U.S. states and five
countries. The Company's resorts operate primarily under the
Caesars®, Harrah's® and Horseshoe® brand names. CEC's portfolio
also includes the London Clubs International family of casinos. CEC
is focused on building loyalty and value with its guests through a
unique combination of great service, excellent products,
unsurpassed distribution, operational excellence and technology
leadership. The Company is committed to environmental
sustainability and energy conservation and recognizes the
importance of being a responsible steward of the environment. For
more information, please visit www.caesars.com.
Forward Looking Statement
This release includes "forward-looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. You can identify
these statements by the fact that they do not relate strictly to
historical or current facts. These statements contain words such
as, "will", "would", "expected", "proposed", and "working on" or
the negative or other variations thereof or comparable terminology.
In particular, they include statements relating to, among other
things, the consensus reached with representatives of CEOC's major
creditor constituencies, future actions that may be taken by
Caesars and others with respect thereto, consummation of a
consensual restructuring of the Debtors and the estimated future
relative shareholding of New CEC. These forward-looking
statements are based on current expectations and projections about
future events.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual performance of CEC may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, but are not limited to, the
following factors, as well as other factors described from time to
time in our reports filed with the Securities and Exchange:
CEC's ability (or inability) to reach formal agreement with CEOC's
major creditor constituencies regarding new or amended
restructuring support agreements and a Revised Plan of
Reorganization, CEC's and CEOC's ability (or inability) to
meet any milestones or other conditions set forth in any such new
or amended restructuring support agreements, CEC's and CEOC's
ability (or inability) to satisfy the conditions to consummation of
any consensual restructuring of the Debtors (including without
limitation receipt of requisite approvals of creditor groups, the
Bankruptcy Court and regulators), CEC's ability (or inability) to
secure additional liquidity to meet its ongoing obligations and its
commitments to support the CEOC restructuring as necessary, CEC's
financial obligations exceeding or becoming due earlier than what
is currently forecast and other risks associated with the CEOC
restructuring and related litigation.
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SOURCE Caesars Entertainment