Paul Aronzon and Thomas Kreller, Financial Restructuring partners in Milbank’s Los Angeles office, have been recognized by Turnaround Management Association (TMA) in the 2018 Turnaround and Transaction Awards for their work with Caesars Entertainment Operating Company Inc. in the category of “Turnaround of the Year: Mega Company.”
The Milbank team, led by Mr. Aronzon and Mr. Kreller, 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, filed in the US 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 for the CEOC plan of reorganization that was confirmed by the Bankruptcy Court.
