Bankrupt Caesars unit gets court's OK to use cash, for now
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A federal judge in Chicago ruled Wednesday that a bankrupt division of Caesars Entertainment Corp. can tap some of the $847 million in cash it has on hand for at least five weeks.
Judge Benjamin Goldgar said Caesars Entertainment Operating Co. could access its cash in the interim despite objections from some of the company's creditors.
A budget the company submitted to the court indicated it plans to spend $334 million through April 3. The documents showed revenue is expected to offset spending and leave the company with $834 million in cash at the end of five weeks.
Goldgar scheduled a hearing to reconsider the motion on March 26.
Several other motions, including requests for an examiner to investigate the company's pre-bankruptcy transactions, were delayed until March 25.
The company was also seeking to get out from under several contracts that would save it $675,000 a month.
Among the contracts is a suite for Kansas City Chiefs football games, a sponsorship with the New York Mets, an advertising agreement with The Forum in Los Angeles, and deals with a tour bus operator to support its Horseshoe Bossier City casino in Louisiana and a nearby Springhill Suites hotel operator where the company regularly reserved a block of rooms.
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Processing Change for Certain Form I-730 Petitions
USCIS changed the processing location for certain Form I-730, Refugee/Asylee Relative Petition, filings. Previously the Service Center Operations Directorate processed these filings. Now, the International Adjudications Support Branch (IASB) in the Refugee, Asylum, and International Operations Directorate will process the petitions filed by individuals who were admitted to the United States as refugees. Petitioners and/or accredited representatives who file refugee-based Form I-730 petitions will receive further instructions when IASB receives their filings. Form I-730 petitions filed by persons granted asylum will not be affected by this change. The mailing instructions for Form I-730 remain the same. Petitioners should continue to follow the Where to File directions on the Form I-730 page. This policy update is consistent with the Department of Labor’s (DOL’s) Standard Occupational Classification system. DOL defines economists as people who conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. Economists may collect and process economic and statistical data using sampling techniques and econometric methods.