\nHoward Stutz, Las Vegas Review-Journal<\/p>\n
\tOne of Caesars Entertainment Corp.\u2019s main creditors has walked away from talks on restructuring a large portion of the casino company\u2019s $24.2 billion debt.<\/p>\n
\tIn a filing with the Securities and Exchange Commission on Wednesday, Caesars said the creditor declined to extend a nondisclosure agreement to gain access to private information about the company\u2019s operating units.<\/p>\n
\tCaesars didn\u2019t name the creditor. Bloomberg News reported that Perry Corp., a hedge fund firm, quit the talks.<\/p>\n
\tFitch Ratings Service gaming analyst Alex Bumazhny said the SEC filing \u201creconfirms that there are a lot of moving parts and getting a deal done would be a laborious process if at all possible.\u201d<\/p>\n
\tCaesars has said private talks with banks and lenders could lead to a restructuring of its industry-high debt. Bloomberg News has reported the talks cover $18.3 billion of the debt.<\/p>\n
\t\u201cWhile no agreement has been reached yet on the terms of a restructuring, (Caesars is) continuing discussions with the remaining first-lien creditors, all of whom have extended their (nondisclosure agreements),\u201d the company said.<\/p>\n
\tCaesars didn\u2019t disclose details of restructuring proposals with the creditor, saying they \u201ccontain outdated and materially different terms and information than proposals now being considered and accordingly are not disclosed herein.\u201d<\/p>\n
\tSeveral of its second-lien bondholders filed notices of default against the company this month covering $3.7 billion of the debt. Caesars, in SEC filings, said it is reviewing the notices.<\/p>\n
\tCaesars has carried its debt since the company was taken private in a $30.7 billion buyout in 2008.<\/p>\n
\tThe company \u2014 which operates more than 50 casinos in the United States, including nine on or near the Strip, is trying to repair its balance sheet and avoid a trip to Bankruptcy Court.<\/p>\n
\tSeveral analysts and debt ratings services have said Caesars will resolve its issues only through bankruptcy.<\/p>\n
\tCaesars Chairman Gary Loveman has said direct talks with banks and creditors could \u201ccreate a path toward a sustainable capital structure\u201d for the company.<\/p>\n
\tLoveman told the Las Vegas Review-Journal in September it \u201chad made progress\u201d with its unsecured creditors and talks with the first-lien holders \u201cwas an important step.\u201d<\/p>\n
\tCaesars announced an overall restructuring plan in May that eliminated more than $1 billion in debt that was due next year while providing a different ownership structure to pieces of the company. It recently raised $1.75 billion in new debt associated with 2015 debt retirement and also paid down $800 million of its debt due in 2016.<\/p>\n
\tIt installed new management of Caesars Entertainment Operation Co., which operates 44 casino properties in 13 states \u2014 the largest chunk of the company\u2019s operating divisions.<\/p>\n
\tCaesars Entertainment Operation owns Caesars Palace, Caesars Atlantic City, Harrah\u2019s Reno and many of the company\u2019s regional properties.<\/p>\n
\tCasinos and properties held under Caesars Entertainment Operation owe about 80 percent of the company\u2019s overall debt.<\/p>\n
\tCaesars\u2019 other major operating division is Caesars Growth Partners, which is publicly traded on Nasdaq as Caesars Acquisition Co. The business, 57 percent owned by Caesars Entertainment, includes The Cromwell, the Quad, Bally\u2019s Las Vegas, Planet Hollywood Resort, Harrah\u2019s New Orleans, a 41 percent interest in Horseshoe Baltimore and Caesars Interactive Entertainment.<\/p>\n
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Howard Stutz, Las Vegas Review-Journal One of Caesars Entertainment Corp.\u2019s main creditors has walked away from talks on restructuring a large portion of the casino company\u2019s $24.2 billion debt. In a filing with the Securities and Exchange Commission on Wednesday,…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8229","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8229"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8229\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}