Caesars Entertainment in debt restructuring talks, shares gain

Caesars Entertainment is in talks with senior creditors to restructure debt and may allow senior debt holders to take positions in some of its most promising assets, including the online business, the New York Post reports.The company’s long-term debt hit $24.2 billion at the end of June, up from $20.9 billion in December.

Caesars owes junior creditors, including David Tepper’s Appaloosa Management, $400 million in December, the report said. While it can make the payment, Caesars might want to finish the debt restructuring beforehand so it does not give that $400 million to those creditors, but instead to senior creditors who support the restructuring, the newspaper cited a source close to the situation as saying.Caesars owners Apollo Global Management and TPG Capital last year split the chain into three companies — including one with faster-growing online assets and another with troubled brick-and-mortar casino operations.

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