Pryor Cashman Represents Wilmington Trust in U.S. District Court Litigation Against Caesars Entertainment Corporation
Wilmington Trust, N.A. (“Wilmington”), as the successor indenture trustee for $479 million in certain senior unsecured notes guaranteed by Caesars Entertainment Corporation (“CEC”), has initiated an action against CEC in the U.S. District Court for the Southern District of New York.
In the litigation, commenced on October 20, 2015, Wilmington alleges that CEC breached the underlying indenture by failing to make more than $51 million in interest payments when they became due. Wilmington also alleges in its complaint that CEC impermissibly sought to release its guarantee of the issuer’s obligations under the indenture, in violation of the Trust Indenture Act. To read a copy of the complaint, please click here.
Seth H. Lieberman and Patrick Sibley, both members of Pryor Cashman’s Bankruptcy, Reorganization and Creditors’ Rights Group, represent Wilmington in the action, along with co-counsel White & Case LLP.
Lieberman and Sibley are also counsel to Wilmington in the Caesars Entertainment Operating Company bankruptcy case, which is currently pending in the U.S. Bankruptcy Court for the Northern District of Illinois. In the Caesars bankruptcy case, Wilmington has been selected as a member and was appointed co-chair of the Unsecured Creditors’ Committee.
To read the Deal’s coverage of the case in its article “Caesars maintains control of its Chapter 11 case,” please click here.
