Judge suggests Apollo, TPG pay into Caesars reorg
By Tracy Rucinski, Reuters
A U.S. judge last week suggested the casino operating unit of Caesars Entertainment Corp. ask its parent’s private equity sponsors for money to fund a plan to exit its contentious $18 billion bankruptcy.
Apollo Global Management LLC and TPG Capital Management LP formed the Caesars casino holding company in a 2008 buyout and the three groups are facing claims of fraud and asset stripping by creditors of the bankrupt unit.
Caesars, Apollo and TPG have denied the claims.
Caesars is the parent company of Harrah’s Lake Tahoe and Harveys.