Bankrupt Caesars unit gets court's OK to use cash, for now
Bankruptcy Law
A federal judge in Chicago ruled Wednesday that a bankrupt division of Caesars Entertainment Corp. can tap some of the $847 million in cash it has on hand for at least five weeks.
Judge Benjamin Goldgar said Caesars Entertainment Operating Co. could access its cash in the interim despite objections from some of the company's creditors.
A budget the company submitted to the court indicated it plans to spend $334 million through April 3. The documents showed revenue is expected to offset spending and leave the company with $834 million in cash at the end of five weeks.
Goldgar scheduled a hearing to reconsider the motion on March 26.
Several other motions, including requests for an examiner to investigate the company's pre-bankruptcy transactions, were delayed until March 25.
The company was also seeking to get out from under several contracts that would save it $675,000 a month.
Among the contracts is a suite for Kansas City Chiefs football games, a sponsorship with the New York Mets, an advertising agreement with The Forum in Los Angeles, and deals with a tour bus operator to support its Horseshoe Bossier City casino in Louisiana and a nearby Springhill Suites hotel operator where the company regularly reserved a block of rooms.
Related listings
-
Court filing: Marsh seeks OK to sell 26 grocery stores
Bankruptcy Law 07/29/2017A bankruptcy court document says two Ohio-based grocery chains have agreed to buy 26 of Marsh Supermarkets' 44 remaining stores for a total of $24 million.The court filing posted Tuesday says Fishers-based Marsh is seeking court approval to sell 11 s...
-
Bankruptcy court denies Caesars Entertainment's quick appeal
Bankruptcy Law 08/23/2015A bankruptcy court that ruled lawsuits against Caesars Entertainment Corp. would not be halted as the company's debt-heavy subsidiary attempts to emerge from Chapter 11 has also denied the casino company's effort to fast-track an appeal of the decisi...
-
Court rules GM shielded from death claims before bankruptcy
Bankruptcy Law 04/23/2015A federal judge ruled Wednesday that a 2009 bankruptcy order shields General Motors from billions of dollars in death and injury claims tied to defective ignition switches in older small cars. But Judge Robert Gerber in New York, who handled GM's gov...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child. Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.