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Stock Market & Financial Investment News

News Breaks
March 26, 2014
13:20 EDTCACQ, CZRCaesar'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 CEOC’s 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 Letter’s 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 CEOC’s, CERP’s or Planet Hollywood’s 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 CEC’s business, financial condition, results of operations and prospects."
News For CZR;CACQ From The Last 14 Days
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March 24, 2015
08:35 EDTCZRSpecial examiner may force bankruptcy for Caesars Growth Partners, NY Post says
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March 23, 2015
15:18 EDTCZRCaesar's volatility at seven month lows
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March 20, 2015
06:47 EDTCZRCreditors dispute 'inside deals' surrounding Caesars loyalty program, WSJ says
Caesars Entertainment's (CZR) customer loyalty program has been valued at $1B by creditors, who alleged in lawsuits surrounding its January bankruptcy that the Caesars parent company and majority stake holder Apollo (APO) made several improper deals designed to keep the loyalty unit inaccessible to creditors, reports the Wall Street Journal. Fitch Ratings analyst Alex Bumazhny now calls a swift bankruptcy process "increasingly unlikely," while the presiding judge gave additional scope last week to investigate the disputed deals. Reference Link
March 18, 2015
07:15 EDTCZRCaesar's says disputes raise 'substantial doubt' about 'going concern' status
Caesar's stated in a regulatory filing after the close Monday that the company is subject to currently pending or threatened litigation and demands for payment by certain creditors asserting CEC is obligated under the former parent guarantee of certain CEOC defaulted debt. The litigation pending against CEOC, and in certain cases against CEC and its other subsidiaries, have been stayed due to the Chapter 11 bankruptcy process, however, certain litigation and the demands against CEC are continuing outside of the Chapter 11 bankruptcy process. "We believe that the Litigation claims and Demands against CEC are without merit and intend to defend ourselves vigorously. At the present time, we believe it is not probable that a material loss will result from the outcome of these matters," Caesar's stated. The noteholder disputes are in their very preliminary stages and discovery has begun on the unsecured note lawsuits, the company noted. "Should these matters ultimately be resolved through litigation outside of the CEOC Financial Restructuring, and were a court to find in favor of the claimants in any of these Noteholder Disputes, such determination could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Accordingly, we have concluded that the material uncertainty related to certain of the Litigation proceeding against CEC raises substantial doubt about the company’s ability to continue as a going concern," Caesar's added.
March 16, 2015
06:07 EDTCZRStocks with implied volatility above IV index mean; BBRY CZR
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