I knew CZR's wasn't doing that well and was/is heavily in debt but I never really knew how bad it was. I don't think I;ve ever considered buying any of czr or any gaming stock for that matter. Anyhoo, I just saw this when I was posting on Jon's 77 star thread.
Caesars, Creditors Said to Have Deal on Unit’s Bankruptcy
"Caesars Entertainment Corp. (CZR) reached an agreement with key senior creditors on the outline of a debt restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, according to two people with knowledge of the negotiations.
Under the plan being negotiated by first-lien bondholders including Paul Singer’s Elliott Management Corp. and Pacific Investment Management Co., the casino company would put its Caesars Entertainment Operating Co. unit into Chapter 11 proceedings as soon as Jan. 14, said the people, who asked not to be identified because the discussions are private.
Caesars Entertainment, the parent, rose 3.9 percent after trading ended on the New York Stock Exchange yesterday to $11.57. It fell 3.5 percent in the regular session.
The proposal, which is the product of eight weeks of talks between the casino operator and its creditors, would help tame a $22.9 billion debt burden taken on six years ago in one of the biggest leveraged buyouts ever. The company needs the support of the creditor group in order to impose a reorganization that may offer little recovery for lower-ranking creditors.
Caesars, taken private by Leon Black’s Apollo Global Management and TPG Capital for $30.7 billion in 2008, has lost money every year since 2009. It has been trying to remain solvent ever since by refinancing debt and shuffling assets. ..."
https://www.bloomberg.com/news/2014-11-11/caesars-said-lining-up-creditors-for-january-bankruptcy.html?cmpid=yhoo
Another article
https://finance.yahoo.com/news/caesars-lining-creditors-january-bankruptcy-231108447.html
"Nov 11 (Reuters) - Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations.."
Caesars, Creditors Said to Have Deal on Unit’s Bankruptcy
"Caesars Entertainment Corp. (CZR) reached an agreement with key senior creditors on the outline of a debt restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, according to two people with knowledge of the negotiations.
Under the plan being negotiated by first-lien bondholders including Paul Singer’s Elliott Management Corp. and Pacific Investment Management Co., the casino company would put its Caesars Entertainment Operating Co. unit into Chapter 11 proceedings as soon as Jan. 14, said the people, who asked not to be identified because the discussions are private.
Caesars Entertainment, the parent, rose 3.9 percent after trading ended on the New York Stock Exchange yesterday to $11.57. It fell 3.5 percent in the regular session.
The proposal, which is the product of eight weeks of talks between the casino operator and its creditors, would help tame a $22.9 billion debt burden taken on six years ago in one of the biggest leveraged buyouts ever. The company needs the support of the creditor group in order to impose a reorganization that may offer little recovery for lower-ranking creditors.
Caesars, taken private by Leon Black’s Apollo Global Management and TPG Capital for $30.7 billion in 2008, has lost money every year since 2009. It has been trying to remain solvent ever since by refinancing debt and shuffling assets. ..."
https://www.bloomberg.com/news/2014-11-11/caesars-said-lining-up-creditors-for-january-bankruptcy.html?cmpid=yhoo
Another article
https://finance.yahoo.com/news/caesars-lining-creditors-january-bankruptcy-231108447.html
"Nov 11 (Reuters) - Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations.."
