Caesars Entertainment Operating Company is a confirmed Chapter 11 case: the bankruptcy court entered the order confirming the debtors’ third amended joint plan on January 17, 2017, leaving the case posture defined by implementation of a court-approved reorganization rather than an active sale or early-stage liquidity fight, as reflected in the confirmation order for the third amended joint planDkt. 6334.
CEOC filed Chapter 11 on January 15, 2015, after entering bankruptcy as Caesars Entertainment Corporation’s largest majority-owned operating subsidiary, with 38 gaming and resort properties, about 32,000 employees, $5.4 billion of LTM revenue, and a capital structure carrying roughly $17.95 billion of funded debt. The case began with a restructuring support framework attached to the first-day memorandum and a heavily layered secured-debt stack: first-lien term loans and secured notes, second-priority secured notes, and unsecured notes, all documented in the first-day restructuring memorandumDkt. 4. The filing was therefore not a simple operating collapse; it was a balance-sheet restructuring of a large gaming enterprise whose ongoing casino, resort, payroll, vendor, and cash-management operations had to be preserved while creditor constituencies litigated and negotiated value allocation.
The first-day posture centered on business continuity and collateral access. Randall Eisenberg’s declaration described the operating footprint, employee base, cash-management system, unpaid wage exposure, trade payables, and critical-vendor needs supporting immediate operational relief through the early Chapter 11 period in the . At the same time, the debtors sought authority to use cash collateral, provide adequate protection, and address stay relief issues tied to substantially all debtor assets, making collateral control and secured-creditor protections core gating issues from the outset through the .
By mid-2016, the estate was also prosecuting adversary litigation against indenture and trustee parties, including a complaint against BOKF, Wilmington Savings Fund Society, and Delaware Trust Company, showing that litigation over prepetition obligations and recoveries remained part of the restructuring architecture before plan confirmation in the adversary complaintDkt. 1. The available context does not identify a pending near-term hearing or effective-date milestone; the dispositive restructuring event in the record is the January 2017 confirmation of the third amended joint plan.