Casino giant Caesars Entertainment is appealing a bankruptcy court ruling that could put it on the hook for nearly $364 million.
That's the amount a pension fund wants Caesars to pay in installments for 20 years after the company's largest subsidiary filed for bankruptcy protection in January.
The National Retirement Fund wants to oust Caesars, forcing it to cover the remaining cost of promised pensions. Caesars is the largest fund contributor paying $13 million annually. The company has said it has no intention of stopping payments or leaving the fund on its own.
Caesars argued the same legal protections that shield its subsidiary should protect Caesars in this case. Judge Benjamin Goldgar denied Caesars' motion to extend the automatic stay on Nov. 12. Caesars filed its appeal Monday... Read More