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With $150 Million and Counting in Big Law Bills, Caesars Bankruptcy Approaches Finish Line

Submitted by jhartgen@abi.org on

The clock is ticking on a lucrative piece of work for lawyers at Jones Day, Kirkland & Ellis and Proskauer Rose as the $18 billion bankruptcy of Caesars Entertainment Corp.’s operating arm approaches a possible end, American Lawyer reported today. Combined with Winston & Strawn, whose work for a court-appointed examiner in the case is finished, those four firms have already billed $150 million for their time through September, the latest available report in the U.S. bankruptcy court docket in Chicago. All told, Las Vegas-based Caesars has spent more than $354 million on restructuring professionals and law firms from January 2015 through November 2016. By law, the debtor also pays the legal bills for most of its creditors. Kirkland & Ellis, which represents Caesars Entertainment Operating Co., has billed more than $70 million in the case. Winston & Strawn charged nearly $32 million for its work. Proskauer, which represented a group of unsecured creditors, has billed around $25 million. And Jones Day, going to bat for a group of second-lien junior bondholders, has a tab of roughly $24 million, according to court filings.