Retired U.S. Judge Joseph Farnan has agreed to serve as the mediator in the chapter 11 bankruptcy of the operating unit of Caesars Entertainment Corp., Reuters reported yesterday. Farnan's agreement to mediate the drawn-out case came as the company and creditors wait for the independent examiner's report, due mid-March. Creditors have accused Caesars of looting the operating unit before the bankruptcy for the benefit of private equity owners Apollo Global Management and TPG Capital Management . The examiner's report will look into the accusations. The operating unit proposed a mediator last month as a way to help creditors reach a compromise and guide the case to resolution.
