Caesars debt talks said to hit impasse
By Steven Church, BloombergBusiness
Caesars Entertainment Corp. is at a $2 billion impasse with creditors it hopes will help keep it from sliding into bankruptcy alongside its operating unit, two people familiar with the negotiations said.
The casino company and a committee of junior bondholders haven’t had substantive talks since last month, said the people, who requested anonymity because the negotiations are private. The bondholders are asking for about $2 billion more than Caesars has offered, according to a report by Bloomberg Intelligence analysts Philip Brendel and Julia Winters.
Caesars Entertainment is the parent company of Harrah’ Lake Tahoe and Harveys.
Interesting to note how Caesars Corp. is allowed to allocate its funds while it’s going thru this bk. Yes, they’ve cut back on lots of staff. Some really good people in fact.
Their maintenance dept. was especially hard hit. And I saw first hand where Harrah’s/Harveys is paying the price for that cutback in one of the basic of services, restrooms. Amongst other things, nobs falling off of faucets, leading to running water. Had the feel of an I-5 gas station.
But yet, in driving to Reno last week, saw one of their brand new, (as in purchased within the last couple months) shiny limos obviously going on some sort of high-roller airport run.
Can’t maintain their bathrooms! But yet can afford nice, new toys as they’re simultaneously trying to stiff their bondholders? Interesting!
And, you can be sure that the executives took quite a cut in pay too, Parker. That is, after paying out another $ 50 million + in fines… LOL.