Bankruptcy judge gives Caesars creditors the okay to vote on restructuring

Casino operator Caesars Entertainment has received court approval to allow creditors to vote on the proposed restructuring plan of the operator’s bankrupt main unit.

On Wednesday, US Bankruptcy Judge Benjamin Goldgar set a Jan. 17, 2017 confirmation hearing for the planned restructuring of Caesars Entertainment Operating Co (CEOC), which filed for Chapter 11 bankruptcy protection last year.

In issuing his ruling, Goldgar said there was “something poetic” about that January date, which comes two years and two days after CEOC filed its Chapter 11 paperwork, citing $18.4b in debts.

Goldgar’s frustration with the length of this process was on full display on Wednesday, as he insisted the parties were “going to finish this now.” However, he also said he expects Caesars’ path to creditor harmony would be neither short nor simple.