DISTRESSED DAILY: Caesars Case Provides Lessons Six Years Later

The 2015 bankruptcy of Caesars Entertainment Inc. was Shakespearean in scope, with a $30 billion gambling empire at stake and lessons to be learned, including this twist on the bard for investors: Hire all the lawyers.

Since that court fight, the world of distressed credit investing “swung to more of a legal battle” than restructuring of businesses, Ken Liang, former managing director and head of restructuring at Oaktree Capital Group said Thursday at a webinar hosted by the Financial Times. Today investors continue “chasing yield” by trying to find or create value through legal analysis of a document, he ...