Milbank, Tweed, Hadley & McCloy LLP successfully represented Caesars Entertainment Corporation (CEC) in the chapter 11 bankruptcy cases of CEC’s subsidiary, Caesars Entertainment Operating Company (CEOC), and its affiliated debtors pending in the Bankruptcy Court for the Northern District of Illinois.
On January 17, 2017, following a contentious two-year stay in bankruptcy, CEOC confirmed a chapter 11 plan of reorganization that restructured more than $18 billion of CEOC debt. CEOC’s plan was built in large part around plan funding, contributions and other support to be provided by CEC as plan sponsor. Milbank served as CEC’s lead counsel in formulating and negotiating the key plan components involving CEC.
The Milbank team was led by Financial Restructuring partners Paul Aronzon and Thomas Kreller. Also advising CEC were Litigation partner Mark Scarsi, Financial Restructuring associate Haig Maghakian and Litigation associate Samir Vora.
