Apollo, TPG Reduce Ownership In Caesars Entertainment Bankruptcy Deal

Caesars Entertainment’s long-running battle of the $18bn restructuring of the company’s main operating unit could be resolved in January when a bankruptcy court judge in Chicago rules on the company’s reorganization plan.

Efforts by Caesars’ private equity owners - Apollo Global Management and TPG Capital – to get as much of a return on their $30bn investment as possible failed when creditors sued, forcing both sides back to negotiations.

Under terms of the deal, second-lien bondholders would recover 66 cents on the dollar, or about 27 cents more than under a previous plan, if the bankruptcy court approves. Meanwhile, Apollo and TPG will relinquish a majority of their ownership. 

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