Embattled Caesars Entertainment Corporation (Caesars Entertainment) has confirmed the appointment of the Honourable Robert E. Gerber as Chief Restructuring Officer (CRO)
Gerber a New York Bankruptcy Court Judge has been appointed on the recommendation of Caesars Entertainment’s special strategic committee.
Updating the market, Caesars Entertainment detailed that Gerber would be advising the company on corporate restructuring initiatives, debt obligations and creditor management.
Gerber has extensive knowledge and experience in complex ‘multi-national’ bankruptcy proceedings, having served as a specialist judge in New York’s Southern District presiding over a wide variety of complex ‘debt-loaded’ bankruptcy filings.
As CRO Gerber will further advise Caesars Entertainment governance on its current relationship with debt owning subsidiary Caesars Entertainment Operating Company (CEOC) as group stakeholders look to restructure the groups + $20 billion debt.
Since the commencement of CEOC’s bankruptcy, Caesars Entertainment and its affiliates have spent in excess of $345 million on legal and professional fees associated with the restructuring.
As noted in its latest earnings report, if CEOC does not emerge from bankruptcy on a timely basis on terms and under circumstances satisfactory to Caesars Entertainment operations, it is likely that Caesars Entertainment governance may seek to reorganize assets under ‘US Chapter 11 Bankruptcy Code’.