Caesars Entertainment Corporation announced that the company has resumed payments to current and former employees in two of five deferred compensation plans, including Chairman Gary Loveman and former Chairman and CEO Phil Satre.
Payments in the deferred plans were halted January 15 when Caesars’ largest operating unit, Caesars Entertainment Operating Company (CEOC), filed for Chapter 11 bankruptcy. Last week, Caesars spokesman Steven Cohen of Teneo Strategy said in a statement that the company has resumed some of the payments.
Those include employees in two supplemental savings plans for executives of the former Harrah’s Entertainment Inc. According to bankruptcy court documents reported by the Las Vegas Review-Journal, Loveman is owed $71,427 under the plan, and Satre, who is now chairman of IGT, is owned more than $6.67 million. Among other executives, Chief Financial Officer Eric Hession is owed $126,364; operating unit CEO John Payne, $19,318; and Michael Silberling, now CEO of Affinity Gaming, is owed $116,353.
Other former Caesars and Harrah’s workers still owed deferred compensation were required to file claims with the U.S. Bankruptcy Court in Chicago by last Tuesday. The company’s attorneys determined last month that bankruptcy law does not allow a company in bankruptcy to separate supplemental retirement plans from other unsecured debt.
