Judge Says Caesars Bankruptcy Case Will Be Held In Illinois
WILMINGTON, Del. (AP) — A Delaware judge says the Chapter 11 case of casino giant Caesars Entertainment Corp. will proceed in Illinois, not Delaware.
The judge on Wednesday denied a motion by several creditor groups who wanted the case to be heard in Delaware, where they filed an involuntary bankruptcy petition just days before Caesars' operating unit made its own filing in Chicago.
Creditor attorneys argued that Caesars filed in Illinois partly because it will be easier there to shield company officials from lawsuits over what creditors allege were improper transfers to shield the operating unit's assets from creditors.
Caesars contended that the judge should defer to its choice of Illinois as the best place to try to fashion a consensual plan maximizing value for all stakeholders.