Setting the stage for an exit in the costly Caesars bankruptcy, Caesars’ solvent parent company, Caesars Entertainment Corp., announced a deal Tuesday with the bankrupt entity’s creditors.
The $5 billion deal—between Apollo Global Management LLC, TPG Capital Mangement LP and Caesars Entertainment on the one hand, and a group of junior bondholder holdouts on the other—was widely viewed in the financial press as a victory for the bondholders. The sweetened settlement promises to more than double the recovery of the holdouts, who now get a larger stake in the entity that will emerge.
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