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Caesars Entertainment Operating Company Update Issued

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Caesars Entertainment Corporation (CEC) announced that it, along with affiliates of Apollo Global Management and TPG Capital (together, “the sponsors”), have proposed an enhancement to their contributions to Caesars Entertainment Operating Company’s (CEOC) current restructuring plan.

The proposed increase follows discussions with major creditor constituencies of CEOC and its Chapter 11 Debtor subsidiaries in an effort to reach a consensual debt restructuring agreement with all creditor groups in CEOC’s restructuring. Caesars Entertainment believes this proposal meets the requirements of the holders of CEOC’s second lien notes and is optimistic that such proposal will be acceptable. The revised proposal contemplates additional contributions from Caesars Entertainment and the sponsors that will result in approximately $1.6 billion of additional value being distributed to the second lien noteholders.

This additional value consists of an estimated $954 million of Caesars Entertainment equity contributed by the sponsors and an estimated $92 million of Caesars Entertainment equity contributed by Caesars Entertainment on behalf of non-sponsor only shareholders. Caesars Entertainment has asked holders of CEOC’s first lien notes to forgo the excess cash sweep and for the holders of CEOC’s pre-petition credit agreement claims to forgo 2.7% of the reorganized company’s equity, both of which are provided for in the Debtors’ current Chapter 11 Plan. The revised proposal expires on September 23, 2016.

Read more CEOC bankruptcy news.

The post Caesars Entertainment Operating Company Update Issued appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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