Bankruptcy & Restructuring

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

Bank of China Among Suntech America’s Unsecureds

January 14, 2015

Bank of China,owed $24,077,is among Suntech America Inc.’s top 10 unsecured creditors, according to bankruptcy court documents.Suntech, a U.S. unit of Suntech Power Holdings Corp., filed for bankruptcy court protection in Delaware on Jan. 12. Suntech Power Holdings was once the world’s largest solar-panel manufacturer. Suntech America was forced to seek bankruptcy due to “a rapid decrease

New York Is Top Ch. 15 Venue in Another Year of Billion-Dollar Filings

January 7, 2015

Thirty Chapter 15 bankruptcy petitions were filed by foreign companies last year, down from 36 in 2013. As reported in yesterday’s edition, the majority of those cases came from Brazilian companies. Below, Bloomberg Brief takes a look at which venues in the U.S. tackled the lion’s share of those petitions as well

Goodrich Petroleum 8.875 Percent 2019 Yields at Fresh High

January 7, 2015

Yields of Goodrich Petroleum Corp. 8.875 percent 2019 bonds rose to a record high of 31.38 percent Monday as oil prices declined. WTI crude oil fell to $48.26 a barrel Tuesday from $50.04 Monday. That’s a low not seen since April 2009. Goodrich Petroleum, based in Houston, Texas, explores, develops, produces and acquires oil and natural gas properties. The

Bankruptcy & Restructuring Podcast-1/6/15

January 6, 2015

What were the biggest Chapter 11s of 2014? What large debtors exited bankruptcy in 2014? Aleks Rozens discusses this and more on Bloomberg Radio. Click here to listen.