Caesars CEO Gary Loveman says his company shall perhaps not be held hostage by speculators.
The battle between Caesars Entertainment as well as its bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a large portion of its investors, claiming they truly are attempting to impede the company’s efforts to restructure its financial obligation process, a process that is necessary to avoid bankruptcy.
Despite being the casino that is best-known in the world, Caesars‘ long-term financial obligation is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In-may, the organization 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 process, according to Caesars Chairman and CEO Gary Loveman, would ‚lay the foundation for both de-leveraging that is significant value creation at Caesars Entertainment.‘
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‚Upon conclusion of the credit facility amendment … Caesars will have added headroom under its maintenance covenant, providing Caesars with additional security 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 in addition to liability management and debt reduction initia „Caesars at War with Investors Over $24 Billion Debt“ weiterlesen