Some high-profile creditors of Caesars Entertainment Operating Co Inc are reported to be in talks to clinch a restructuring deal.
The firm – an operations unit of casino firm Caesars Entertainment Corp – entered voluntary bankruptcy in the U.S. in January.
Bloomberg Business on Thursday said that Paulson & Co, a hedge fund firm controlled by billionaire John Paulson; and Canyon Partners, along with Soros Fund Management; were among debt holders involved in the latest talks.
Caesars has been trying to win creditor support for a plan to cut lower-ranking debt, allow the parent to retain a stake in the operating unit and halt investor lawsuits against the Caesars group’s private-equity owners, Apollo Global Management LLC and TPG Capital.
None of the parties have commented on the reported talks, added Bloomberg.
Mark Frissora – a former chief executive of rental car firm Hertz Global Holdings Inc – was recently confirmed as president and chief executive of Caesars Entertainment Corp with effect from July 1. The move completes a management shake up announced in February.
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”We submit that the appropriate action the New South Wales Independent Casino Commission should take is to allow The Star Entertainment Group to continue to operate the licence, under strict supervision”
The Star Entertainment
Australian casino operator