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Caesars Entertainment Operating Company Procedures Approved, Sale Notice Filed

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Following a U.S. Bankruptcy Court order approving sale procedures for its “Tunica Property” assets, Caesars Entertainment Operating Company filed with the Court a notice of sale by auction and sale hearing.

The notice states, “Debtors are soliciting offers for the purchase of the Tunica Property consistent with the bidding procedures approved by the Court by entry of an order on September 29, 2015. Trustee will conduct an auction on October 28, 2015, if the Debtors receive qualified competing bids. The Debtors will seek approval of the Sale at a hearing scheduled to commence at November 2, 2015.” As previously reported, “TJM Properties is the stalking horse bidder. The purchase price is an aggregate consideration of an amount in cash equal to $3 million. According to bid protections, the break-up fee is $150,000 and there is $300,000 cash deposit.”

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