Daily News: August 4, 2014

Caesars Poised for Massive Debt Restructuring

Bloomberg reported that Caesars Entertainment has taken steps in recent weeks that signal it’s poised for a massive debt restructuring that will saddle creditors with steep losses.

Bloomberg said that Caesars has had only one profitable year since 2008 as it struggles to service $21 billion of long-term debt amid a drop in consumer spending.

Bloomberg notes that bondholders have suffered losses of $2.6 billion since September as the company gained regulatory approval for a refinancing that shielded valuable assets from lenders.

To read the entire Bloomberg article, click here

Previously on abfjournal: Cahill Represents Lead Arrangers in Caesars Amended Facility, July 29, 2014