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Bankruptcy & Restructuring

Delaware Judge to Rule on Caesars Venue Today

January 28, 2015

BY STEVEN CHURCH Caesars Entertainment Operating Co. will learn today whether its $20 billion restructuring bid will be heard in a bankruptcy court in Chicago, its chosen venue, or in Delaware, where creditors fighting the plan want the case to stay. After half a day of sometimes rancorous argument between lawyers

AT&T to Buy Nextel Mexico’s Wireless Assets for $1.9 Billion

January 26, 2015

BY SCOTT MORITZ AT&T Inc., the second-largest U.S. mobile-phone carrier, agreed to buy NII Holdings Inc.’s Mexican wireless assets for $1.875 billion in its third deal to expand south of the U.S. border. The acquisition includes companies that operate under the name Nextel Mexico, spectrum licenses, network assets, retail stores and about 3 million customers, Dallas-based AT&T said

RadioShack Share Prices Fall to Fresh Low

January 21, 2015

RadioShack shares fell to 25 cents each Tuesday, a new low. The electronics retailer’s shares were changing hands at 26 cents each Friday and they were at $2.16 each a year ago. The retailer’s shares have declined in recent weeks on heightened expectations it will file for bankruptcy court protection. RadioShack’s bankruptcy would involve the sale of leases

Energy, Shipping May Add to Billion Dollar ’15 Caseload

January 20, 2015

BY ALEKSANDRS ROZENS, BLOOMBERG BRIEF EDITOR Very large bankruptcy filings were up 30 percent last year, and that trend may continue as the industries behind some of the year’s biggest cases — coal, oil and gas, and shipping — remain under pressure. The number of Chapter 11 bankruptcies involving $1 billion or

Caesars Entertainment Is Among 25 Largest Chapter 11 Cases Ever Filed in the U.S.

January 20, 2015

Last week’s Chapter 11 filing by Caesars Entertainment Operating Co., which involves debt of $19.9 billion, is the 21st largest such bankruptcy petition when measured by debt owed. Kirkland & Ellis, which was brought on by the casino company to be its bankruptcy counsel, has served as debtor counsel in six of

Laying Odds on Where Caesars Ends Up Reorganizing

January 16, 2015

BY BILL ROCHELLE With the Caesars Entertainment Operating Co. bankruptcy hovering between Chicago and Delaware, what inferences, if any, can be drawn from actions taken so far by U.S. Bankruptcy Judge Kevin Gross in Wilmington on the threshold question of where the casino operator should reorganize? Gross at a minimum has the option

Special Report: Bankruptcy Reform

January 16, 2015

Bloomberg Columnist Bill Rochelle explores the American Bankruptcy Institute commission’s recommendations to update the existing bankruptcy code. This nine-part analysis highlights the report’s stance on topics from fees and asset sales to preference suits and cramdowns. Click here to read the full report.

RadioShack 2019 Yields Vault to New High

January 16, 2015

RadioShack Corp. 6.75 percent 2019 bonds yields jumped 17 percent to 96.19 percent Thursday from 82.22 percent Wednesday amid reports that the electronics retailer plans to file for bankruptcy court protection early next month. The increase in the retailer’s bond yields came amid thin trading volume. RadioShack’s bankruptcy would involve the sale of some store leases to Sprint Corp. —

Iowa Gaming Commission, House of Blues Among Top Caesars Unsecured Creditors

January 15, 2015

The Iowa Gaming Commission, which administers laws and rules on wagering at racetracks and gambling boats, is among Caesars’s top unsecured creditors. So is music restaurant chain House of Blues. The Iowa Gaming Commission is owed $42.6 million and House of Blues is owed $13.7 million, court records show. The Iowa Gaming Commission’s claim is in the

Caesars’s Bankruptcy Is Third Largest Active Chapter 11 Bankruptcy Case

January 15, 2015

Caesars Entertainment Operating Co. Inc.’s Chapter 11 bankruptcy listed debt of $19.9 billion, making it the third largest active Chapter 11 case, according to data compiled by Bloomberg LP. The largest active Chapter 11 case is Energy Future Holdings, which filed its court papers in April 2014.Kirkland & Ellis is debtor