Mediator: Caesars, noteholders unlikely to make progress on plan talks

By Caroline Salls

Pittsburgh, June 6 – Caesars Entertainment Corp. and an official committee of second-priority noteholders do not appear likely to make any significant progress in talks related to development of a plan of reorganization for Caesars Entertainment Operating Co., Inc.’s Chapter 11 cases, according to a statement filed by mediator Joseph J. Farnan Jr. with the U.S. Bankruptcy Court for the Northern District of Illinois.

Farnan said the mediation consisted of a single meeting between Caesars and the committee on April 7.

The committee was willing to participate in additional mediation meetings, but Caesars declined to do so, the statement said.

Caesars is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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