Judge To Rule On Venue For Caesars Bankruptcy Case
DOVER, Del. (AP) — A Delaware judge is set to rule on whether the Chapter 11 case of casino giant Caesars Entertainment Corp. should proceed in Delaware or in Illinois.
After hearing final arguments Tuesday, the judge said he would rule on Wednesday.
Several creditor groups want the case to proceed in Delaware, where they filed an involuntary bankruptcy petition just days before Caesars' operating unit made its own filing in Chicago.
Creditor attorneys say 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 says the court should defer to its choice of Illinois as the best place to try to fashion a consensual plan maximizing value for all stakeholders.
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