Caesars Entertainment Corp. won a temporary halt to potentially crippling court rulings in bondholder lawsuits that accuse the company of unfairly reneging on a promise to repay billions of dollars in debt.
U.S. Bankruptcy Judge A. Benjamin Goldgar granted a request by the casino giant's bankrupt operating unit, Caesars Entertainment Operating Co., or CEOC, to suspend cases in New York and Delaware while the unit seeks to finish reorganizing.
The freeze, which expires Aug. 29, is "much shorter" than what the company requested, Goldgar said at a hearing Wednesday in Chicago federal court. Any chance of renewing it "will be slim," he added.
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