The Ledger
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OpCo stock buyers were debt holders benefiting from guarantee release
“And in fact, the hedge funds that bought the stock in Opco were all hedge funds who had debt positions, who were benefiting for the release of that guarantee.”
Caesars eliminated its parent guarantee by selling OpCo equity
“The guarantee can go away according to the indentures through three different conditions. One of those conditions is if the OPCO is no longer a wholly owned subsidiary. So if they sell five percent or some portion of the OPCO stock to third parties, the guaran…”