September 29, 2016 8:42 PM 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: 66
Compensation as of Fiscal Year 2016.

Ocean Showboat, Inc. Key Developments

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.

Motion for Asset Sale Approved for Caesars Entertainment Operating Company, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Caesars Entertainment Operating Company, Inc. on November 2, 2015. The debtor has been authorized to sell its certain assets to TJM Properties, Inc., the stalking horse bidder, for a purchase price of $3 million in cash. The debtor’s assets include real property, fixtures, assumed contracts and personal property of the Tunica Property. The debtor did not receive any other higher bids for the purchase of its assets and therefore TJM Properties, Inc. emerged as the winning bidder.

Notice of Cancellation of Auction Filed by Caesars Entertainment Operating Company, Inc.

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.

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