Two of the country’s best-known restructuring lawyers are representing clients on both sides of a massive bankruptcy case filed Thursday, as a subsidiary of casino and gaming giant Caesars Entertainment Corp. began Chapter 11 proceedings in an effort to shed $18.4 billion in debt.
Kirkland & Ellis restructuring partners James Sprayregen and David Seligman are representing Caesars Entertainment Operating Co., which filed for bankruptcy in Chicago, claiming that the restructuring plan it announced last year already has the support of 80 percent of first-lien noteholders. Other Kirkland partners working on the matter include Paul Basta, Ryan Dahl, Nicole Greenblatt and Jeffrey Pawlitz.
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