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Stock Market & Financial Investment News

News Breaks
February 4, 2013
14:44 EDTCZRCaesar's may move assets into Caesars Growth Venture Partners, may sell stake
In a regulatory filing this morning, Caesar's Entertainment (CZR) said it is pursuing a strategic transaction that would see the company transfer certain of its assets to a newly created entity, named Caesars Growth Venture Partners, which would be a growth oriented vehicle focused on projects that are complementary to the company's existing properties. The company stated, "We anticipate that [Caesar's Entertainment Corporation] would own a significant portion of CGVPís equity interests and that subsidiaries of CEC would manage new casino properties owned by CGVP. We are pursuing this transaction because we believe it will improve our liquidity and credit profile, enhance our distribution network and provide additional support for potential new ventures...It is anticipated the Sponsors would participate in the transaction and that CECís other shareholders would have the opportunity to participate on the same terms." Among the assets that might be transferred into Caesars Growth Venture Partners, the company listed Planet Hollywood, its investment in a casino project under development in Baltimore, Maryland, shares of Caesars Interactive Entertainment and other holdings. Caesar's cautioned, "There are no commitments with respect to any such transaction and there have been no agreements with respect to price or value. The transfer of such assets would require the approval of regulators and other third parties, which we may not be able to obtain. Therefore, we cannot assure you that any such transaction will be entered into or consummated or, if consummated, describe the impact the transaction would have on us." In afternoon trading, shares of Caesars Entertainment are up 62c, or 7.94%, to $8.43.
News For CZR From The Last 14 Days
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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 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.
August 18, 2015
19:47 EDTCZRCaesars creditors give ultimatum to Apollo Global, Bloomberg says
Earlier this month, creditors opposed to Caesars Entertainment's (CZR) bankruptcy plan demanded that Apollo Global (APO) -- one of the company's owners -- relinquish control of the bankrupt unit's parent company, reports Bloomberg, citing two people with knowledge of the matter. In exchange, the creditors offered to withdraw several lawsuits related to the bankruptcy, said the sources. Apollo rejected the ultimatum, though sources noted that talks are continuing. Reference Link

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