The Caesars group restructuring plan is going ahead after gaining support from more than 60 percent of its operating division’s senior debt holders.
Caesars Entertainment Corp and subsidiary Caesars Entertainment Operating Co Inc (CEOC) – the operating division – made the announcement on Friday.
“Subject to the closing of certain purchases of additional first lien notes, which we have been notified is scheduled to occur today [Friday], the consenting creditors will hold, in the aggregate, over 67 percent of the first lien bond claims,” Caesars Entertainment said a press release.
“We are pleased to have the support of our first lien noteholders on CEOC’s restructuring plan,” the chairman and chief executive of Caesars Entertainment and chairman of CEOC, Gary Loveman (pictured), said in a statement.
“This is an important step in the process that will allow us to move ahead with our plan to create a strong and sustainable capital structure for CEOC,” Mr Loveman added.
The Caesars group needed to get the support of the holders of at least 60 percent – or US$3.8 billion – of claims in CEOC’s senior bonds by Monday to go ahead with the restructuring. The deadline had already been extended from the original deal.
The plan involves the voluntary bankruptcy of CEOC and other financial measures that combined should eliminate nearly US$10 billion from the group’s debt load.
The next step is for Caesars group to take its plan to bankruptcy court. The group has said it plans to do so as early as Thursday and no later than January 20.
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