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Stock Market & Financial Investment News

News Breaks
June 18, 2014
06:11 EDTAPO, CZRAppaloosa, bondholders set to sue Caesars, NY Post reports
David Tepper's Appaloosa Management and a group of bondholders are set to file a lawsuit as early as today against Caesars Entertainment (CZR) in a move to stop Caesars from selling four of its casinos to another Caesars-owned entity for $2.2B, the New York Post reports, citing sources. The sale is likely to benefit Apollo (APO) and TPG, both Caesars shareholders that control Caesars entities. The suit is expected to claim that the sale is "fraudulent" and would make it "nearly impossible" for Caesars to pay down its $24B of debt. Reference Link
News For CZR;APO From The Last 14 Days
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September 4, 2015
13:30 EDTAPOMcGraw-Hill Education files for initial public offering
McGraw-Hill Education has filed with the SEC for an initial public offering of its common stock. McGraw-Hill Education intends to apply to list its common stock under the symbol "MHED" but its filing does not yet make clear on which stock exchange it intends to list its stock. Private equity firm Apollo Global (APO) bought the McGraw-Hill Education business from McGraw-Hill Companies, which then became McGraw Hill Financial (MHFI), in 2013.
September 2, 2015
08:32 EDTAPOApollo pressing on with plans for McGraw Hill Education IPO, Reuters says
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August 28, 2015
09:34 EDTCZRNevada reports July statewide gaming win down 0.96% to $922.89M
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06:50 EDTCZRJudge says Caesars, bondholders should prepare for trial, WSJ reports
A federal judge said that Caesars Entertainment and a group of bondholders should prepare for hearings in a suit over Caesars' guarantees of billions of dollars of debt, the Wall Street Journal reports. Judge Shira A. Scheindlin of the U.S. District Court in Manhattan said that there is a discrepancy as to whether a series of asset moving deals last year constituted an out-court debt reorganization that proved harmful to the holders of over $6B in bond debt issued by Caesars, the report says. Reference Link
August 27, 2015
10:57 EDTCZRCaesars bondholders denied immediate ruling by judge, Bloomberg reports
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August 26, 2015
07:39 EDTAPOPiper Jaffray lowers estimates for asset managers below consensus
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August 24, 2015
07:38 EDTCZRCaesars to pay $20M to settle anti-money laundering lapses charges, Reuters says
Caesars Entertainment has agreed to pay $20M to settle claims of anti-money laundering lapses, Reuters reports, citing a source familiar with the matter. The company will also enter into a deferred prosecution agreement with the DOJ, the report says. Reference Link
August 23, 2015
14:49 EDTCZRCaesars reaches restructuring support agreement with first lien bank lenders
Caesars Entertainment and Caesars Entertainment Operating Co. announced they have entered into a bank restructuring support agreement. The agreement, which is effective immediately, "secures the support" of CEOC's largest and most senior creditor constituencies and represents a "key milestone" in Caesars Entertainment and CEOC's efforts to implement a consensual restructuring of CEOC, according to Caesars. "CEOC's restructuring is now supported by CEOC's first lien bank lenders and first lien bondholders, which represent the most senior $12B of CEOC's capital structure," said the company. Caesars and CEOC continue to engage in discussions with junior creditors to build additional support for the previously announced second lien restructuring agreement. "However, the senior creditors' support of today's agreement paves the way toward a confirmable plan for the restructuring of CEOC," commented Caesars. The bank RSA is substantially similar to the previously announced bond RSA.

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