Caesar's $18 billion debt restructuring

Overview:

• Caesars Entertainment Operating Company (CEOC) filed for Chapter 11 bankruptcy in January 2015. The restructuring process reduced CEOC's debt by $16 billion.
• The company entered a restructuring support agreement with its first lien noteholders and another with its first lien bank lenders.
• The second priority bondholders obtained 65.5 cents per the dollar. The company had initially offered nine cents on the dollar. 
• The reorganization plan involved 173 debtors.
• The bankruptcy also involved several lawsuits. 
• Caesars Entertainment Operating Company emerged from bankruptcy October 6, 2017. 
• Caesars Entertainment Corporation also merged with Caesars Acquisition Company.

Rani Mehta - Journalist