Caesars Entertainment owes chairman Gary Loveman a lot of money he may never be paid.
Loveman is one of 279 current and former Caesars executives and directors owed more than $78.6m through a deferred compensation programme now classified as unsecured debt in the Chapter 11 reorganisation of Caesars Entertainment Operating Co.
In a bankruptcy, unsecured creditors wait at the end of the line for a share of whatever money, if any, is left after secured debt is covered. According to filings with the US Bankruptcy Court in Chicago, there are a total of 14,962 individuals and businesses with claims in the operating unit’s bankruptcy.
