{"id":47,"date":"2024-06-12T07:36:55","date_gmt":"2024-06-12T04:36:55","guid":{"rendered":"https:\/\/tashirodc.com\/2024\/06\/12\/caesars-entertainment-reaches-50-billion-restructuring-deal-with-creditors\/"},"modified":"2024-06-13T11:55:29","modified_gmt":"2024-06-13T08:55:29","slug":"caesars-entertainment-reaches-50-billion-restructuring-deal-with-creditors","status":"publish","type":"post","link":"https:\/\/tashirodc.com\/2024\/06\/12\/caesars-entertainment-reaches-50-billion-restructuring-deal-with-creditors\/","title":{"rendered":"Caesars Entertainment Reaches $50 Billion Restructuring Deal with Creditors"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/va1wBChqgPs\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Harrahs Entertainment has made substantial progress in satisfying its debtors, securing a $50 billion financial reorganization agreement with a majority of the creditors of its insolvent subsidiary, Caesars Entertainment Operating Company Inc (CEOC).<\/p>\n<p>CEOC sought bankruptcy protection in January 2015, burdened by $18 billion in liabilities. Caesars Entertainment and Caesars Acquisition Company had modified proposed amalgamation conditions in July 2016, seeking to furnish compensation to the operating unit&#8217;s lenders.<\/p>\n<p>This latest advancement resolves a protracted disagreement between CEOC&#8217;s creditors and the company&#8217;s private equity investors, Apollo Global Management and TPG Capital Management, who were alleged to have divested assets from the firm.<\/p>\n<p>Apollo and TPG have consented to diminish their controlling interest in Caesars to 16%, effectively circumventing a series of complex legal actions that arose from an August decision by US Bankruptcy Court Judge Benjamin Goldgar, who declined to prolong an injunction prohibiting bondholder suits against Caesars.<\/p>\n<p>Under the restructuring blueprint, creditors will possess 70% of the reorganized Caesars, Apollo and TPG will maintain a minority interest, and they will no longer confront lawsuits.<\/p>\n<p>As reported by the Financial Times, junior bondholders will now obtain a combination of cash, equity, and convertible securities valued at 66 cents on the dollar, a considerable improvement from the 27 cents Caesars had initially proposed. <\/p>\n<p>Theres still a journey ahead, but we&#8217;re pleased with the advancements made and eagerly anticipate concluding this matter,&#8221; remarked Bruce Bennett, an attorney acting on behalf of a group of subordinate debt holders. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harrahs Entertainment has made substantial progress in satisfying its debtors, securing a $50 billion financial reorganization agreement with a majority of the creditors of its insolvent subsidiary, Caesars Entertainment Operating Company Inc (CEOC). CEOC sought bankruptcy protection in January 2015, burdened by $18 billion in liabilities. Caesars Entertainment and Caesars Acquisition Company had modified proposed [&hellip;]<\/p>\n","protected":false},"author":109,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Harrahs &amp; Caesars: A $50 Billion Comeback Story?<\/title>\n<meta name=\"description\" content=\"Harrahs Entertainment makes strides in satisfying debtors, securing a massive $50 billion reorganization agreement for its subsidiary, Caesars Entertainment Operating Company. 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