{"id":43143,"date":"2016-12-20T15:00:01","date_gmt":"2016-12-20T23:00:01","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=43143"},"modified":"2016-12-20T12:54:23","modified_gmt":"2016-12-20T20:54:23","slug":"lenders-threaten-to-terminate-restructuring-deal-caesars","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/","title":{"rendered":"Caesars\u2019 Lenders Threaten to Terminate Restructuring Deal"},"content":{"rendered":"<p class=\"p2\">More trouble for Caesars\u2019 $18 billion bankruptcy restructuring plan this week, as a committee of bank lenders have threatened to pull their support, potentially plunging the entire process into disarray.<\/p>\n<p class=\"p2\">According to a note filed on Monday by Caesars to the Securities and Exchange Commission, the lenders, which includes world\u2019s largest private equity firm Blackstone, have said the terms of the new debt they are set to receive under the reorganization plan are \u201cunacceptable.\u201d<span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/p>\n<figure id=\"attachment_43144\" aria-describedby=\"caption-attachment-43144\" data-style=\"width: 749px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-43144\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg\" alt=\"Caesar\u2019s Lenders Threaten to Derail Bankruptcy Plans \" width=\"749\" height=\"499\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg 749w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231-142x95.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231-600x400.jpg 600w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231-166x110.jpg 166w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231-450x300.jpg 450w\" sizes=\"(max-width: 749px) 100vw, 749px\" \/><figcaption  id=\"caption-attachment-43144\"class=\"text-description\">Caesars\u2019 lenders threaten to put a spoke in the wheel of its reorganization plans, describing the status quo as \u201cunacceptable.\u201d The casino giant has until Christmas Eve to find a satisfactory solution. (Image: Bloomberg News)<\/figcaption><\/figure>\n<p>This ongoing process of extricating Caesars from a tangled web of massive debts and multiple lenders\u00a0has taken its toll on the company over the last year.<\/p>\n<p class=\"p2\">The lenders hold $5.4 billion of the debt of Caesar\u2019s stricken operating unit, Caesars Entertainment Operating Co (CEOC) and sit at the top of CEOC&#8217;s capital structure, above the senior bondholders and junior bondholders. <span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/p>\n<h2 class=\"p2\"><b>\u201cWe May Never Get There\u201d<\/b><\/h2>\n<p class=\"p2\">The lenders continued support depends on documentation that ensures the market value of the stock they are set to receive as part of the reorganization. Without the documentation, they intend to change their votes on the plan, they said. Caesars has until Christmas Eve to make it right.<\/p>\n<p class=\"p2\">&#8220;At this time, all [restructuring support agreements] remain in effect, and everyone is working hard to resolve issues,&#8221; CEOC lawyer Joe Graham a U.S. bankruptcy judge in Chicago, Monday.<\/p>\n<p class=\"p2\">According to Dow Jones Business News, Lender lawyer Ken Pasquale told the court the dispute is largely between the lenders and senior bondholders. Changes to how one group is paid would affect the other.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p2\"><strong>&#8220;There\u2019s no agreement on the high-level issues,&#8221; Pasquale said. &#8220;\u2026it appears likely to us we may never get there.&#8221;<\/strong><\/p>\n<\/blockquote>\n<h2 class=\"p2\"><b>Months of Litigation<\/b><\/h2>\n<p class=\"p2\">The eruption of discord, just as Caesars believed it had negotiated a workable deal, will be a huge blow to the casino giant. CEOC filed for chapter 11 bankruptcy in June 2015 in a bid to reorganize some of its $18 billion debt load, but the plan met immediate resistance from the junior bondholders.<\/p>\n<p class=\"p2\">Several from\u00a0this group sued the company in a bid to hold Caesars Entertainment to guarantee CEOC\u2019s debts. They also accused the company of systematically stripping the bankrupt unit of its most prized assets for the benefit of its controlling private equity backers.<span class=\"Apple-converted-space\">\u00a0 \u00a0<\/span><\/p>\n<p class=\"p2\">Only in October did the final junior creditors come on board with a radically altered plan that offered more cash and greater equity in a reorganized Caesars, to be formed by the merger of parent Caesars Entertainment Corp with its affiliate Caesars Acquisition Co.<\/p>\n<p class=\"p2\">CEOC, meanwhile, will be spun off into a real-estate investment trust.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More trouble for Caesars\u2019 $18 billion bankruptcy restructuring plan this week, as a committee of bank lenders have threatened to pull their support, potentially plunging the entire process into disarray. According to a note filed on Monday by Caesars to the Securities and Exchange Commission, the lenders, which includes world\u2019s largest private equity firm Blackstone, [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":43144,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lenders Threaten to Terminate Restructuring Deal For Caesars<\/title>\n<meta name=\"description\" content=\"Caesars bank lenders could derail entire bankruptcy reorganization plan, giving the company Christmas Eve deadline to put things right.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lenders Threaten to Terminate Restructuring Deal For Caesars\" \/>\n<meta property=\"og:description\" content=\"Caesars bank lenders could derail entire bankruptcy reorganization plan, giving the company Christmas Eve deadline to put things right.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-20T23:00:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-12-20T20:54:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"749\" \/>\n\t<meta property=\"og:image:height\" content=\"499\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/\",\"url\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/\",\"name\":\"Lenders Threaten to Terminate Restructuring Deal For Caesars\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg\",\"datePublished\":\"2016-12-20T23:00:01+00:00\",\"dateModified\":\"2016-12-20T20:54:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Caesars bank lenders could derail entire bankruptcy reorganization plan, giving the company Christmas Eve deadline to put things right.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/lenders-threaten-to-terminate-restructuring-deal-caesars\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/12\/BN-KR261_1007ca_P_20151008071231.jpg\",\"width\":749,\"height\":499,\"caption\":\"Caesars\u2019 lenders threaten to put a spoke in the wheel of its reorganization plans, describing the status quo as \u201cunacceptable.\u201d The casino giant has until Christmas Eve to find a satisfactory solution. 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