Ceasars Entertainment now licensed to restructure the CEOC

May 31, 2017 11:05 AM

Caesars Entertainment Corporation (CZR) (Caesars Entertainment) and Caesars Entertainment Operating Company, Inc. (CEOC) Wednesday announced that the Illinois Gaming Board (IGB) has granted the necessary regulatory approvals and issued the license as required by the IGB for effectuating the restructuring of CEOC.

The reconfigured company is expected to emerge from its more than two-year bankruptcy sometime this summer, according to recent company statements.

Caesars says it is still working with regulators in jurisdictions where approvals are required for certain aspects of CEOC's restructuring. In addition to regulatory approvals, CEOC's restructuring is subject to the completion of the merger of Caesars Acquisition Company with and into Caesars Entertainment, certain financing activities, continuing oversight by the United States Bankruptcy Court, and other customary closing conditions.