The mediator trying to resolve the $18 billion bankruptcy of Caesars Entertainment Operating Co Inc. (CEOC) abruptly stepped down on Friday, Reuters reported. CEOC filed for bankruptcy in January 2015 amid creditor accusations that its parent Caesars Entertainment Corp. and private equity sponsors Apollo Global Management LLC and TPG Capital had stripped it of its best assets. Retired U.S. Judge Joseph Farnan was tasked in March to help the feuding parties reach a settlement and lift CEOC out of bankruptcy. "I'm convinced that I can't continue and possibly a new mediator will be able to establish a workable process," Farnan said in a letter published in a filing with the U.S. Bankruptcy court in Chicago. It was not immediately clear who, if anyone, would take over his role. Read more.
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