Caesars CEO Gary Loveman says his company will not be held hostage by speculators.
The battle between Caesars Entertainment and its own bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a portion that is large of investors, claiming they are wanting to impede the business’s efforts to restructure its financial obligation process, a process that is important to avoid bankruptcy.
Despite being the best-known casino company in the world, Caesars’ long-lasting debt is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In-may, the business announced a procedure of debt restructuring, which, while not eliminating any long-term debt, would wipe out more than $1 billion of payments due in 2015.
The procedure, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the inspiration for both de-leveraging that is significant value creation at Caesars Entertainment.’
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‘Upon completion of the credit facility amendment … Caesars will have added headroom under its upkeep covenant, providing Caesars with additional stability to execute its business plan,’ he added. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity also obligation management and debt reduction initiatives.’
However, as Moody’s Investment anal Leggi tutto “Caesars at War with Investors Over $24 Billion Debt”