Apollo vs Creditors - Caesar's Entertainment
With Apollo recently selling valuable assets from a Caesar's subsidiary and stripping credit enhancements from some bonds and loans, a star-studded group of debt holders (including appaloosa, oaktree, and more) are preparing for war and, potentially, bankruptcy court. WSJ reports that Caesar's total debt now exceeds 18x EBITDA.
What's going to happen in this shitshow? Any distressed PE investors care to weigh in?
http://online.wsj.com/articles/apollo-uses-wedge-maneuver-to-save-caesa…
anyone following this? How is CZR allowed to strip its parent guarantee from the OpCo bonds?
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