Caesars Entertainment Operating Co Inc (CEOC), a subsidiary of casino group Caesars Entertainment Corp, on Monday announced it is now asking holders of its bank debt to agree formally on a restructuring deal by Wednesday of this week.
On Friday, it was announced that more than 67 percent of CEOC’s senior note holders had agreed to a restructuring under terms that contemplate payment of 100 cents on the dollar to holders of bank debt.
“We are pleased to have garnered broad-based support of our restructuring plan from more than two thirds of first lien bondholders, exceeding all required thresholds,” said Gary Loveman, chairman of CEOC in a statement.
He added: “The type of leadership from our institutional creditor base enhances our ability to maximise value on their behalf. In response to inquiries from certain of our bank lenders, we have decided to seek their support to help facilitate a smooth and efficient restructuring, which is in the best interest of all stakeholders.”
The restructuring plan involves the voluntary bankruptcy of CEOC and other financial measures that combined should eliminate nearly US$10 billion from the Caesars group’s overall debt load.
Consenting bank lenders are being offered a pro rata portion of a US$150 million consent fee by Caesars group if they support the CEOC restructuring.
Consenting bank lenders will also have the opportunity to purchase a pro-rata share of US$150 million of convertible notes to be offered by Caesars Entertainment.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Nov 16, 2018Bringing e-Sports or virtual reality (VR) games into casinos is a “meaningful” experiment in diversification for casino operators, even in the Macau context, where the city’s casinos are...
Nov 16, 2018
"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China