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Stock Market & Financial Investment News

News Breaks
March 26, 2014
13:20 EDTCZR, CACQCaesar's says will defend against insolvency allegations made against CEOC
Caesar's (CZR) disclosed in a regulatory filing that on March 21, the company along with Caesars Entertainment Operating Company, or CEOC, Caesars Entertainment Resort Properties, Caesars Acquisition (CACQ) and Caesars Growth Partners received a letter from a law firm acting on behalf of unnamed clients who claim to hold Second-Priority Secured Notes of CEOC, alleging, among other things, that CEOC is insolvent and that CEOCís owners improperly transferred or seek to transfer valuable assets of CEOC to affiliated entities. Caesar's stated: "CEC strongly believes there is no merit to the Letterís allegations and will defend itself vigorously and seek appropriate relief should any action be brought. If a court were to order rescission of the 2013 Transactions or enjoin consummation of the Contemplated Transaction that could cause CEOC, CERP and Planet Hollywood to default under existing debt agreements, and there can be no assurance that CEOCís, CERPís or Planet Hollywoodís assets would be sufficient to repay the applicable debt. In addition, if the Contemplated Transaction were consummated and a court were to find that those transfers were improper, that could trigger a default under the debt that Caesars Growth Partners is contemplating raising to finance such transfers. These consequences could have a material adverse effect on CECís business, financial condition, results of operations and prospects."
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July 14, 2014
14:04 EDTCZRNJ reports Atlantic City June gaming win $236M
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