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NEWS

January 5, 2018
Reorganization of Caesars Entertainment Operating Company, Inc., et al. Selected as Consumer Discretionary Deal of the Year (over US$100M) and Chapter 11 Reorganization of the Year (over US$5B) by The M&A Advisor

 

The Reorganization of Caesars Entertainment Operating Company, Inc. and its affiliated debtors was announced as winner of the Consumer Discretionary Deal of the Year Award (over US$100M) and the Chapter 11 Reorganization of the Year Award (over US$5B). The awards will be presented at The M&A Advisor’s 12th Annual Turnaround Awards Gala, to be held on March 21, 2018 in Palm Beach, Florida.

Curtis acted as special bankruptcy counsel to Shanghai Giant Network Technology in connection with the Chapter 11 cases of Caesars, captioned as In re Caesars Entertainment Operating, Company, Inc., et al. (Case No. 15-01145), in the U.S. Bankruptcy Court for the Northern District of Illinois. Fenwick & West LLP served as lead transactional counsel to Shanghai Giant.

Caesars, which was represented by Kirkland & Ellis LLP, sought protection under Chapter 11 of the U.S. Bankruptcy Code on January 15, 2015. The company’s filing was precipitated by approximately US$18 billion in debt. Curtis advised Shanghai Giant in a successful bid to purchase Playtika Ltd., the social and mobile gaming unit of a non-debtor subsidiary of Caesars’ parent company, Caesars Entertainment Corp., for US$4.4 billion. Curtis was retained to work alongside Fenwick & West LLP to negotiate and draft the operative purchase agreement in order to mitigate risks to the transaction as a result of the ongoing Chapter 11 cases of Caesars.

Caesars’ Chapter 11 Plan of Reorganization was confirmed by the Bankruptcy Court on January 17, 2017, and went into effect on October 6, 2017. Under the Plan, the proceeds of the Playtika Ltd. sale were to go to the Caesars estate to pay down prepetition debt, which, when coupled with other mechanisms under the Plan, shed approximately US$10 billion in debt from Caesars’ capital structure.

Restructuring and Insolvency Chair Steven J. Reisman led a team including Restructuring and Insolvency Partner Cindi M. Giglio; Restructuring and Insolvency Litigation Partner Theresa A. Foudy; Corporate Partner Evan S. Borenstein; Restructuring and Insolvency Associate Allison J. Arotsky; and Litigation Associate Nicole Mazanitis.

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