Certain First Lien Bank Lenders of Caesars Entertainment Enter Into Binding Agreement to Withhold Support for Restructuring Support Agreement
Jan 12, 2015, 06:50 ET
NEW YORK, Jan. 12, 2015 /PRNewswire/ -- An informal committee of certain beneficial holders (the "First Lien Bank Lenders"), holding in excess of 50% of the aggregate principal amount of first lien bank debt (the "First Lien Bank Debt") of Caesars Entertainment Operating Company, Inc. ("CEOC") outstanding under CEOC's senior secured credit facilities, have entered into a binding agreement (the "Agreement") pursuant to which each of the First Lien Bank Lenders has agreed, with respect to the First Lien Bank Debt of CEOC that it owns or controls, to not support, consent to or approve the proposed restructuring transactions previously disclosed in Forms 8-K filed by Caesars Entertainment Corporation ("CEC," and together with CEOC, the "Company") with the Securities and Exchange Commission during the period from December 31, 2014 to the date hereof, as well as any other reorganization, restructuring or similar transaction relating to the Company or any of its assets or liabilities (any of the foregoing, a "Transaction"), unless the Transaction is approved by the requisite supermajority threshold of First Lien Bank Lenders that are party to the Agreement.
The First Lien Bank Lenders are advised by Stroock & Stroock & Lavan LLP and Rothschild Inc.
SOURCE Informal Committee of Certain First Lien Bank Lenders of Caesars Entertainment
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