Caesars appeals court ruling that opens it up to $364M claim (pensions)

Source: AP

By KIMBERLY PIERCEALL

LAS VEGAS (AP) — 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, which manages pensions for 400,000 unionized workers from a variety of employers, wants to oust Caesars, forcing it to cover the cost of promised pensions.

The fund has estimated Caesars would need to pay nearly $6 million each quarter, or $24 million a year for 20 years.

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