Apollo Global Management and TPG Capital did not give up control of Caesars Entertainment without a fight. However, the next challenge is figuring out who will replace the two.

Until next year, creditors will own around 70 percent of Caesars. That is when the company should be done with reorganizing, but the creditors are still deciding on who should be in charge of the empire, which owns over 40 casinos in six countries.

Creditors and Caesars have been working together to figure out what the wording should be in final legal documents. However, there was a chance that the deadline would not be met, according to Caesars.

The person who lands on the company’s board of directors will ultimately determine whether the company goes ahead and sells its assets or sticks with its current strategy and portfolio. One of the company’s priorities may be to reduce their dependence on the gambling market in the US and build other businesses that have higher growth potential. These businesses may include entertainment and conventions.

In some cases, choosing board members may be a challenge because of the regulatory approval that’s involved with it. Competing interests between creditor groups may also pose a challenge. This is according to two people who did not want to be identified.

The two private equity firms that bought the entertainment giant are Apollo and TPG. The two purchase it in 2008 for over $30 billion, and their ownership in Caesars will be reduced to 16 percent from 60 percent. The reconstituted company will also be owned by Caesars other shareholders, as well as a publicly traded affiliate.

Creditors would prefer to have a new board, one that isn’t controlled by private equity firms. Regardless of who ends up on the board, Caesars will still have around $6 billion in debt. This may cause some investors to call for the sale of some of the company’s assets.

New shareholders may be interested in just selling, while other investors who bought into the initial public offering will not. Besides that, the end to Caesar’s bankruptcy doesn’t appear to be coming to an end anytime soon.