Tag Archives: TPG Capital

New Chapter – Mark Frissora confirms Caesars 2019 departure

Nasdaq-listed gambling and leisure group Caesars Entertainment Corporation has confirmed that President & Chief Executive Mark Frissora will depart the company in February 2019. Updating investors, Caesars governance details that it has begun its executive search for Frissora’s leadership replacement. Frissora took charge of an embattled Caesars Entertainment in February 2015, guiding the company through its Chapter 11 bankruptcy process …

Read More »

Moving Forward…Caesars finally closes CEOC Chapter 11 proceedings

Caesars Entertainment Corporation (CEC) has been granted judicial clearance to restructure the $18 billion debt attached to bankrupt subsidiary Caesars Entertainment Operating Co (CEOC), allowing the company to close its US Chapter 11 court filing. Gaining approval from Chicago District Judge Benjamin Goldgar, CEC governance will now settle terms and payment structures with CEOC creditors who at the start of …

Read More »

Caesars CEOC mediator quits amid bankruptcy progress & clarity criticism

The ongoing restructure of Caesars Entertainment Operating Company (CEOC) $18 billion bankruptcy has been hit with a further setback, following the communication that its mediator has abruptly stepped down from proceedings. On Friday a Chicago US bankruptcy court filing informed stakeholders that Judge Joseph Farnan who was appointed in March to arbitrate negotiations between CEOC and its creditors had chosen …

Read More »

Market downcast on Caesars Entertainment’s future outlook

The share price of embattled gambling operator Caesars Entertainment has dropped 10% to a $7.60 – $8.08 range as markets reacted negatively to the operator’s Q3 performance update (period ending 30 September). Despite recording a 12% increase in revenues to $1.14 billion (£750 million), NASDAQ traders saw no positives for the operator which posted quarter net loss of $756 million …

Read More »

Caesars places casino operating unit under Chapter 11 bankruptcy protection

  Caesars Entertainment Corp has filed for Chapter 11 bankruptcy protection in Chicago this Thursday as the operator looks to cut creditor debt for its Caesars Entertainment Operating CO division which operates Caesars’ 50 casino and leisure properties worldwide. US news reports have stated that the gambling operator seeks to reduce its debt from $18.4 billion to $8.6 billion. The casino operator …

Read More »

Caesars Entertainment defaults on $225 million bond interest payments.

Embattled casino and leisure operator Caesars Entertainment has failed to pay its $225 million bond interest, which was due on 15 December. Caesars Entertainment had confirmed that the operator would not pay the interest, thus triggering a default on its + $18 billion debt. The operator elected not to pay, due to ongoing discussions with first line bondholders and creditors. …

Read More »

Caesars Entertainment in danger of bankruptcy

Casino and leisure operator Caesars Entertainment has entered talks with creditors to create a financial restructuring plan in order to ease its debt burdens which exceed $24 billion (£15.4 billion). In its last quarter financial earnings report the casino operator recorded net losses of $900 million (£570 million), even though it had managed to grow revenues 6% to $2.21 billion. …

Read More »