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Caesars at War with Investors Over $24 Billion Debt

Tuesday, March 3rd, 2020

Caesars at War with Investors Over $24 Billion Debt

Caesars CEO Gary Loveman says their business shall maybe not be held hostage by speculators.

The battle between Caesars Entertainment as well as its bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a large portion of its investors, claiming they truly are trying to impede the company’s efforts to restructure its financial obligation process, an activity that is important to avoid bankruptcy.

Despite being the best-known casino company in the world, Caesars’ long-lasting debt is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In May, the company announced a means of debt restructuring, which, while not eliminating any debt that is long-term would wipe out more than $1 billion of payments due in 2015.

The procedure, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the inspiration for both de-leveraging that is significant value creation at Caesars Entertainment.’

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‘Upon completion of the credit facility amendment … Caesars will have added headroom under its maintenance covenant, providing Caesars with additional stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this listing that is independent help facilitate the eventual raising of equity also liability management and debt reduction initiatives.’

However, as (more…)