- Joined
- Dec 27, 2014
- Messages
- 59,328
- Reaction score
- 38,865
- Location
- Best Coast Canada
- Gender
- Male
- Political Leaning
- Slightly Liberal
Asset shuffle before bankruptcy- Wrongo.
Caesars Bankruptcy Plan Dealt Setback by Federal Judge - Bloomberg
The holders of notes issued in 2005 and 2006 sued in September, seeking to set aside transactions the month before in which Caesars’ main operating unit transferred assets to related entities the noteholders couldn’t reach, and the parent canceled its guarantee of the debt.
The noteholders alleged that Section 316 of the Trust Indenture Act barred the unit from altering its obligation to pay the bonds without 100 percent consent from holders.
Caesars Bankruptcy Plan Dealt Setback by Federal Judge - Bloomberg
The holders of notes issued in 2005 and 2006 sued in September, seeking to set aside transactions the month before in which Caesars’ main operating unit transferred assets to related entities the noteholders couldn’t reach, and the parent canceled its guarantee of the debt.
The noteholders alleged that Section 316 of the Trust Indenture Act barred the unit from altering its obligation to pay the bonds without 100 percent consent from holders.
