Casino operator Caesars appoints restructuring advisor

U.S-based casino operator Caesars Entertainment Corp. appointed Robert Gerber as its restructuring officer to oversee it’s negotiations with creditors.

The appointment was made at the request of the company’s Strategic Alternatives Committee, a group comprising of the company’s three independent directors.

The company has been unable to reach an agreement with its lenders since placing its largest unit under restructuring in January 2015.

The company stated that restructuring-related legal bills has reached $345m and that if it was unable to get access to additional funds, it may have to place its parent company under bankruptcy protection.

Source: Bloomberg