In the article, “DISTRESSED DAILY: Caesars Case Provides Lessons Six Years Later,” Bloomberg Law reported on the 2015 bankruptcy case of Caesars Entertainment Inc. and how it has helped shape the current distressed debt market. The publication turned to Jim Millar, co-leader of Faegre Drinker’s corporate restructuring team, for his takeaways from the case.
What the Caesars court proceedings showed is that in all restructuring deals, creditors are “looking for leverage so their views can be heard,” said Jim Millar. Debt holders with a smaller “seat at the table” must “look to other tools,” including debt documents or trust indenture acts, he noted.
Millar also highlighted that judges “look at the world differently than the market does,” and that they “care what the document in front of them says and what the law is,” and less about who is owed what.