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Caesars Entertainment Operating Company Mediator Sought

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According to the U.S. Bankruptcy Court docket, Caesars Entertainment Operating Company (CEOC) filed a motion for appointment of a mediator to mediate issues related to a Chapter 11 Plan of Reorganization.

The motion explains, “To the extent the Debtors are not able to reach consensus with their key stakeholders before the Examiner’s report is released, the Debtors expect that the Examiner’s report will facilitate continued (and accelerated) discussions that hopefully will result in the parties reaching a global resolution.”

The motion continues, “Accordingly, the Debtors believe it is prudent and in the best interests of their estates to seek the appointment of a sitting bankruptcy judge (to the extent that the relevant parties are previously unable to agree on a mediator) to, if necessary, facilitate discussions, negotiations, and resolution among the key stakeholders of plan issues after the Examiner’s report is filed and parties have had an adequate opportunity to evaluate it. Indeed, the Debtors hope that the mere act of seeking a mediator and having one available as needed will incentivize the parties to reach a global compromise based on the current ongoing negotiations before a formal mediation session even occurs….Importantly, though, any mediation should not happen in the vacuum, focusing only on an isolated analysis of estate claims investigated by the Examiner. Rather, mediation must occur against the broader backdrop of the plan process, including disclosure statement approval, plan solicitation, and plan confirmation.”

Read more CEOC bankruptcy news.