GGRAsia – Caesars OpCo creditors in restructure talks: report

Caesars OpCo creditors in restructure talks: report

Jul 09, 2015 Newsdesk Latest News, Top of the deck, World

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.

Caesars Entertainment says it has a foothold in South Korea via a planned casino project. It has also expressed a desire to enter the Philippines market for casino gaming.