LAS VEGAS – Two months in, and the bankruptcy of Caesars' debt-heavy operations arm is growing more complex and likely lengthier than expected.
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With about $18 billion in debt, tens of thousands of employees and hundreds of legal entities that huddle under the Caesars Entertainment Operating Co. umbrella, the company faces ongoing legal battles and investigations, including one by a court-appointed examiner into transfers of company assets before it declared bankruptcy. Bankruptcy experts pin the potential legal costs north of $100 million.
The company faced a harsh rebuke Wednesday from the daughter of a retired executive whose pension payments stopped the day the company filed for bankruptcy Jan. 15.
Nicole Houng tells the bankruptcy court in a letter that her father, Kenneth, worked for Caesars 32 years and stopping his payments was unjust.