The bankrupt operating unit of Caesars Entertainment Corp. (CEC) has appealed a ruling that would enforce payments of nearly $364 million in pension liabilities, Reuters reported on Friday. Caesars Entertainment Operating Corp. (CEOC) had asked the bankruptcy court to shield its parent from liability demands by the National Retirement Fund, a pension fund that covers thousands of employees across five affiliated Caesars companies. Bankruptcy Judge Benjamin Goldgar denied that request earlier this month, saying that CEOC's bankruptcy does not protect its parent. The dispute is one of many Caesars faces in its $18 billion chapter 11 case and it is not the first time that Judge Goldgar has denied a request to protect its parent from creditors' claims. In July, Judge Goldgar decided to allow lawsuits from hedge fund creditors against the parent to proceed. Caesars appealed the ruling but it was later upheld by U.S. District Judge Robert Gettleman. Caesars' lawyers have argued that claims against CEC could jeopardize the parent's ability to contribute cash to a reorganization plan to pull the casino group out of bankruptcy.
