Hotels, Restaurants and Leisure
Company Overview of Caesars World, Inc.
Caesars World, Inc. owns and operates casino resorts. The company provides rooms, gaming, hotel, and restaurant amenities. Caesars World, Inc. was formerly known as Lum's, Inc. and changed its name to Caesars World, Inc. in December 1971. The company was founded in 1958 and is based in Las Vegas, Nevada. Caesars World, Inc. operates as a subsidiary of Caesars Entertainment Operating Company, Inc. On January 15, 2015, Caesars World, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Illinois. It is in joint administration with Caesars Entertainment Operating Company, Inc.
One Caesars Palace Drive
Las Vegas, NV 89109
Founded in 1958
Key Executives for Caesars World, Inc.
Senior Vice President - Finance and Administration and Director
Senior Vice President, Secretary, General Counsel and Director
Compensation as of Fiscal Year 2015.
Caesars World, Inc. Key Developments
Notice of Cancellation of Auction Filed by Caesars Entertainment Operating Company, Inc.
Oct 26 15
Caesars Entertainment Operating Company, Inc. filed a notice of cancellation of auction and designation of stalking horse bidder as the successful bidder in the US Bankruptcy Court on October 26, 2015. As per the notice filed, no qualified bids were submitted by the bid deadline of October 24, 2015 for sale of Tunica property. The debtors have cancelled the auction scheduled for October 28, 2015 and the sale hearing has been scheduled for November 2, 2015.
First Amended Reorganization Plan & Related Disclosure Statement Filed by Caesars Entertainment Operating Company, Inc.
Oct 7 15
Caesars Entertainment Operating Company, Inc. filed first amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on October 7, 2015. As per the amended plan, prepetition credit agreement claims will get $705 million in cash, $882 million of additional cash out of the proceeds of the syndication of the OpCo first lien term loan to third party, $406 million of additional cash out of issuance of OpCo second lien notes to third party, $1.96 billion of PropCo first lien term loan and $1.45 billion of PropCo second lien upsize amount. Secured first lien notes claims will get $306 million in cash through issuance of OpCo first lien notes to third party, $141 million in cash out of issuance of OpCo second lien notes to third party, $431 million of OpCo first lien notes, $1.43 billion comprising combination of PropCo second lien notes and cash equal to the excess of $250 million over the amount of CPLV mezzanine debt, the PropCo preferred equity distribution, additional CEC consideration, $1.11 billion of CPLV mezzanine debt, 69.9% of PropCo common equity and 100% of OpCo common stock. Holders of unsecured claims and Subsidiary-guaranteed notes claims will get 30.1% of PropCo common equity on fully diluted basis, 9.8% of Propco common equity, CEC convertible notes, if claim holders accept the plan otherwise 17.5% of PropCo common equity on fully diluted basis and 12.6% of equity that otherwise will be distributed if claimant vote to accept the plan. First lien deficiency claimants shall waive their distribution. Trade claim holders will get either cash treatment consisting of cash of $5 million and default treatment of 30.1% of PropCo common equity on fully diluted basis, 9.8% of Propco common equity and CEC convertible notes. Non-obligor unsecured claimants will get payment full in cash. Intercompany claimants will not get any distribution under the plan. Des Plaines interest holders will be reinstated upon the effective date. The plan will be funded through available cash of $1.17 billion on effective date. On the effective date, debtor will issue OpCo first lien debt of $1.188 million, OpCo second lien debt of $547 million, PropCo first lien term loan of $1.1961 million, PropCo first lien notes of $431 million, PropCo second lien notes of $1.425 million. CPLV market debt and CPLV mezzanine debt will be issued in the range of $1.8 billion and $2.6 billion. Treatment of all the other classes of claims remain same as per the previous plan.
Bidding Procedure Approved for Caesars Entertainment Operating Company, Inc.
Sep 28 15
The US Bankruptcy Court approved the bidding procedures relating to the sale of certain assets of Caesars Entertainment Operating Company, Inc. on September 28, 2015. As per the order, debtor has been authorized to invite bids for the sale of Tunica property and potential bidders must submit the preliminary bid by October 5, 2015. The bid deadline has been set for October 24, 2015. The initial bid shall be in an amount of $3 million in cash, break-up fee of $0.15 million and $0.10 million increment in cash. A bid shall be accompanied by cash deposit of 10% of purchase price. The auction will be held on October 28, 2015. At the auction, the subsequent bids would be in increments of $0.20 million. The sale hearing will be held on November 2, 2015.
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