Caesars bankruptcy mediator abruptly resigns

In a surprising twist to Caesars Entertainment Operating Corp.’s bankruptcy odyssey, the mediator overseeing the legal disputes between the casino company and bondholders has resigned.

“I have truly enjoyed working with the various constituencies involved with the effort of reorganizing the companies,” former federal judge Joseph J. Farnan Jr. wrote in a letter filed on Friday. “However, recent events have convinced me that I am unable to continue the mediation process.”

Farnan and a spokesman for Caesars declined to comment on the matter. Farnan in the letter added that his resignation isn’t meant “to fault or criticize” anyone involved in the case.

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