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US: Caesars Entertainment, Caesars Acquisition amend $18 billion merger deal

By  |  July 11, 2016

Caesars Entertainment and Caesars Acquisition have amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company’s main operating unit, the companies said on Monday.

The operating unit, Caesars Entertainment Operating or CEOC, received approval from a US Bankruptcy judge last month to begin seeking votes from creditors on its plan to restructure its debt and exit bankruptcy.

The bankruptcy plan would slash $10 billion of debt and split the CEOC unit into a new operating company and a real estate investment trust.

Caesars Entertainment is contributing billions of dollars of cash and equity to CEOC and that will help repay CEOC’s creditors.

Some of that cash will be generated by merging Caesars Entertainment with Caesars Acquisition. The merger was originally proposed in December 2014.

Full Content: The Wall Street Journal

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