Caesars’ Investors discuss options for alternative debt-repayment
Investment bank Miller Buckfire & Co. and law firm Kramer Levin Naftalis & Frankel have signed confidentiality agreements allowing them to see sensitive information as they seek a deal, the report said.
Caesars could be moving towards a possible restructuring of US$ 19 billion of debt at its operating company. The unit in question hired law firm Kirkland & Ellis in July to provide advice regarding a possible restructuring, with Blackstone Group working as the parent company’s adviser.
Caesars was taken private by Apollo Global Management and TPG Capital in 2008, since when the company has only had one profitable year. Bloomberg said that the company took on US$ 30.7 billion of debt through the buy-out, with the Caesars now having US$ 21 billion of long-term borrowings.
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