The co-founder of Apollo Global Management, Marc Rowan, resigned from the board of Caesars Entertainment Corp.’s operating unit after an investigation found that he had led a deal that was undervalued and shortchanged the now-bankrupt unit, Reuters reported yesterday. The disclosure was made in court documents filed on Monday in bankruptcy court in Chicago. The documents did not say why the billionaire investor resigned. The bankrupt unit is negotiating a settlement over several deals, including the one led by Rowan, that creditors allege stripped the unit's best casinos and left behind unsustainable debt. Rowan remains on the board of the parent, which may have to contribute billions of dollars to a restructuring plan to avoid litigation over the deals. Read more.
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