Debt Covenant Litigations Involving Caesars

Following a restructuring of its Caesars Entertainment Operating Company (CEOC) operating unit, Caesars Entertainment Corp. (CEC), the largest gambling company in the United States, announced that CEOC was poised to emerge from bankruptcy. CEOC had shed more than $16 billion in debt during the restructuring, which lasted more than two years. 

Analysis Group was hired by Paul, Weiss, Rifkind, Wharton & Garrison and Friedman Kaplan Seiler & Adelman, counsel representing CEC, to assist with litigation initiated by investors in CEOC's defaulted bonds.  Our team ­­– composed of Managing Principal Andrew Wong and Vice Presidents Edi Grgeta and John Drum – supported affiliate Robert Grien, a leveraged finance expert, who analyzed CEOC's debt covenants from the perspective of a reasonable market participant. Our team also supported affiliate Dr. Jerry Arnold, Professor Emeritus of Accounting at the University of Southern California, who used accounting guidance to analyze certain terms referenced in the debt covenants.

 

Associated Experts & Consultants