September 24, 2017 5:31 AM ET

Company Overview of Ocean Showboat, Inc.

Company Overview

Ocean Showboat, Inc. operates as a subsidiary of Showboat Holding, Inc. On January 15, 2015, Ocean Showboat, 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

United States

Phone:

702-407-6269

Key Executives for Ocean Showboat, Inc.

President
Age: 67
Compensation as of Fiscal Year 2017.

Ocean Showboat, Inc. Key Developments

Third Modified Amended Reorganization Plan Approved for Caesars Entertainment Operating Company, Inc.

The US Bankruptcy Court ordered approving the third modified amended plan of reorganization of Caesars Entertainment Operating Company, Inc. on January 17, 2017. The debtor filed its third amended plan in the Court on January 13, 2017. As per the plan filed, the administrative claims, priority tax claims, professional fee claims and US Trustee fees will be paid in full in cash. The other secured claims and other priority claims will be paid in full in cash. The prepetition credit agreement claims of $5.43 billion will be paid $1.63 billion in cash, $1.96 billion aggregate principal amount of the PropCo First Lien Term Loan, $1.45 billion of the PropCo Second Lien Upsize Amount, the ddditional CEC Bank consideration and subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 4.010% of New CEC Common Equity on a fully diluted basis. Secured First Lien Notes claims of $6.53 billion will be paid $1.29 billion in cash, $431 million aggregate principal amount of the PropCo First Lien Notes, $1.43 billion consisting of a combination of aggregate principal amount of PropCo Second Lien Notes and cash equal to the excess of $250 million over the aggregate principal amount of CPLV Mezzanine Debt allocated to Holders of Secured First Lien Notes Claims, the PropCo Preferred Equity Distribution subject to the PropCo Preferred Equity Put Right and the PropCo Preferred Equity Call Right, $1.11 billion of aggregate principal amount of the CPLV Mezzanine Debt, the additional CEC Bond consideration, subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 12.532% of New CEC Common Equity on a fully diluted basis plus either Spin Structure is used, 100% of PropCo Common Equity on a fully diluted basis or if the Partnership Contribution Structure is used, 95% of PropCo Common Equity on a fully diluted basis and $91 million in cash. Second Lien Notes claims of $5.52 billion will be paid $344,590,000 in Cash, $898.96 million aggregate principal amount of New CEC Convertible Notes and subject to the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 32.022% of New CEC Common Equity on a fully diluted basis. Subsidiary-Guaranteed Notes claims of $502.02 million will be paid $116,810,000 aggregate principal amount of New CEC Convertible Notes and subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 4.045% of New CEC Common Equity on a fully diluted basis. Senior Unsecured Notes claims of $536.2 million will be paid $15.2 million in cash, $39.58 million aggregate principal amount of New CEC Convertible Notes and subject to the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 1.414% of New CEC Common Equity on a fully diluted basis. Undisputed, disputed and insurance covered unsecured claims will be paid 6.24% of allowed unsecured claim and subject to the New CEC Common Equity Buyback, recovery equal to 59.26% of such Holder’s allowed unsecured claim, respectively. Convenience Unsecured claims will be paid in cash. Par Recovery Unsecured claims will be paid $13.62 million aggregate principal amount of New CEC Convertible Notes and OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.502% of New CEC Common Equity on a fully diluted basis. Winnick unsecured claims will be paid $0.27 million aggregate principal amount of New CEC Convertible Notes and OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.005% of New CEC Common Equity on a fully diluted basis. Caesars Riverboat Casino unsecured claims will be paid $0.79 million aggregate principal amount of New CEC Convertible Notes and OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.016% of New CEC Common Equity on a fully diluted basis. Chester Downs Management Unsecured Claims $0.41 million aggregate principal amount of New CEC Convertible Notes and OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.012% of New CEC Common Equity on a fully diluted basis. Non-Obligor Unsecured claims will be paid in cash. Intercompany Interests and Des Plaines Interests will be reinstated. CEOC Interests will be cancelled. Section 510(b) claims and Intercompany claims will be canceled, released, discharged, and extinguished as of the effective date and shall not receive any distribution on account of such claims.

Third Amended Reorganization Plan Filed by Caesars Entertainment Operating Company, Inc.

Caesars Entertainment Operating Company, Inc. filed a third amended plan of reorganization in the US Bankruptcy Court on October 4, 2016. As per the plan filed, the Prepetition Credit Agreement claims of $5.13 billion will be paid in cash in the amount of $710.1 million and $916.9 million of additional Cash out of the proceeds of the syndication of the OpCo Market Debt to third parties and $1.96 billion aggregate principal amount of the PropCo First Lien Term Loan and $1.45 billion of the PropCo Second Lien Upsize Amount and subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 4.010% of New CEC Common Equity and the Additional CEC Bank Consideration. Secured First Lien Notes claims of $6.53 billion will be paid $970 million in cash, $318.1 million of Cash out of the proceeds of the issuance of the OpCo Market Debt to third parties, $431 million aggregate principal amount of the PropCo First Lien Notes, PropCo Second Lien Notes and $1.11 billion of aggregate principal amount of the CPLV Mezzanine Debt and 100% of PropCo Common Equity on a fully diluted basis, subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 12.532% of New CEC Common Equity and Additional CEC Bond Consideration. Second Lien Notes claims $5.52 billion will be paid $344.59 million in cash and $898.96 million aggregate principal amount of New CEC Convertible Notes and equity. Subsidiary-Guaranteed Notes claims will be paid $116,810,000 aggregate principal amount of New CEC Convertible Notes and subject to the right of such Holder to participate in the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 4.05% of New CEC Common Equity. Senior Unsecured Notes Claims will be paid $15.2 million in cash, $39,580,000 aggregate principal amount of New CEC Convertible Notes and subject to the New CEC Common Equity Buyback, OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.41% of New CEC Common Equity on a fully diluted basis. Undisputed, Disputed and Insurance Covered Unsecured Claims will be paid equal to 6.24% of such Holder’s Allowed Undisputed Unsecured Claim in Cash from the Unsecured Creditor Cash Pool and subject to the New CEC Common Equity Buyback, recovery equal to 59.26% of such Holder’s Allowed Undisputed Unsecured Claim from the Unsecured Creditor Securities Pool. Par Recovery Unsecured Claims will be paid $13,620,000 aggregate principal amount of New CEC Convertible Notes and OpCo Series A Preferred Stock, which shall be exchanged pursuant to the CEOC Merger for 0.5% of New CEC Common Equity on a fully diluted basis. There is no change in treatment of various claimant classes. The debtor filed its third amended plan in the Court on December 29, 2016. Under the plan, there is no change in treatment of various claimant classes. The debtor filed its third amended plan in the Court on January 13, 2017, Under the plan, there is no change in treatment of various claimant classes. The debtor filed its third amended plan in the Court on January 13, 2017.

Second Amended Reorganization Plan and Disclosure Statement Filed by Caesars Entertainment Operating Company, Inc.

Caesars Entertainment Operating Company, Inc. filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 4, 2016. As per the amended plan, administrative claims stand at $12.9 million, priority tax claims stand at $1.1 million and professional fee claims stand at $68 million. Secured first lien notes claims shall receive a cash recovery in the amount of $1416 million. The debtor reported secured tax claims of $1 million, other secured claims of $45.9 million, other priority claims of $1.5 million, secured first lien notes claims of $529.5 million, unsecured claims of $6320.7 million, subsidiary-guaranteed notes claims of $502 million, intercompany claims of $4,899.4 million and trade claims of $35.3 million. Non-obligor unsecured claims stand at $4.8 million and shall be paid in full in cash. The debtor added three new claim classes to the plan. These classes include par recovery unsecured claims of $52.5million which shall be paid in full in equity, debt and cash, Winnick unsecured claims of less than $0.1 million, which shall receive a recovery of 65% in equity, debt and cash and Caesars Riverboat Casino unsecured claims of $3 million, which shall receive a recovery of 68% in equity, debt and cash. There shall be no other changes in the treatment of any other claim class. Caesars Entertainment Operating Company, Inc. filed a modified second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 18, 2016. As per the modified plan, other priority claims stand at $1.2 million, prepetition credit agreement claims of $425.3 million shall receive recovery between 113% to 117%. Secured first lien notes claims shall receive a recovery between 96% to 128%, second lien notes claims of $5,522.5 million shall receive recovery between 29% to 48%, subsidiary-guaranteed note claims shall receive recovery between 61% to 105%. Senior unsecured notes claims of $536.2 million, ongoing business unsecured claims of $59.1 million and general unsecured claims of $232.4 million shall receive a recovery of 46%. Par recovery unsecured claims of $51 million shall be paid in full. Winnick unsecured claims shall receive a recovery of 67%, Caesars Riverboat Casino unsecured claims stand at $2.9 million and shall receive recovery of 71%, Chester Downs Management unsecured claims of $1.5 million shall receive a recovery of 87%. Chester Downs Management unsecured claims stand at $4.9 million and intercompany claims stand at $4,894.4 million. There shall be no changes in the treatment of any other claim class. The debtor filed its second amended plan in the Court on May 27, 2016. Under the plan, Senior Unsecured Notes claims of $536.2 million will have an estimated recovery in the range of 33% to 56%. Ongoing Business Unsecured claims in the range of $80.4 million to $84.9 million and and General Unsecured claims in the range of $172.9 million to $206.6 million both will have an estimated recovery in the range of 33% to 54%. The debtor filed a second modified amended plan in the Court on June 6, 2016. Under the plan, Undisputed Unsecured claims of $92 million will have an estimated recovery in the range of 34% to 54%. Disputed Unsecured claims in the range of $137.5 million to $176.1 million will have an estimated recovery in the range of 34% to 54%. Convenience Unsecured claims of in the range of $23.8 to $26.8 will have an estimated recovery of 47% in cash. The debtor filed its second modified amended plan in the Court on June 15, 2016. Under the plan, Secured First Lien Notes claims of $6.53 billion will be paid in combination of cash, debt and equity. Subsidiary-Guaranteed Notes claims of $501.9 million will have full recovery. Senior Unsecured Notes claims of $536.1 million will be paid in combination of cash, debt and equity. Disputed Unsecured claims in the range of $124.1 million to $161.1 million will be paid in debt and equity. Insurance Covered Unsecured claims in the range of $13.5 million to $15 million will have an estimated recovery of 34% to 54%. The debtor filed its modified second amended plan in the Court on June 28, 2016. Under the plan, Convenience Unsecured claims will have an estimated recovery of 46%.

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