The bankruptcy judge overseeing the reorganization of Caesars Entertainment’s largest division said Wednesday the company could not pursue a fast appeal to his ruling that allows bondholder lawsuits to proceed.
Caesars wants to overturn the ruling last week by U.S. Bankruptcy Judge Benjamin Goldgar of Chicago. Debt-ridden Caesars said four lawsuits by bondholders in New York and Delaware could push the entire Las Vegas-based company into bankruptcy.
In January, Caesars placed Caesars Entertainment Operating Co., into a Chapter 11 reorganization. The division has $18.4 billion of the company’s $22.8 billion in long-term debt.
Goldgar denied a request to appeal his decision directly to the federal circuit court, bypassing the district court, according to Bloomberg News.
“I’m not convinced a direct appeal will expedite anything here,” Bloomberg quoted Goldgar as saying.
Through bankruptcy, Caesars hopes to eliminate almost $10 billion of the division’s debt and convert CEOC into a real estate investment trust.
Contact reporter Howard Stutz at email@example.com or 702-477-3871. Find @howardstutz on Twitter.