The Ledger
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Elliott secured Caesars bankruptcy date agreement to trigger CDS payout
“And he had been running very tough negotiation with Apollo and struck a very, very tough deal because he knew that Apollo needed an ally really badly. And so he got all sorts of goodies, including a convertible preferred security, as well as one of these well-…”
Caesars' B-7 loan eliminated its maintenance covenant and parent guarantee
“And they offered them very, very generous fees, among other things, to participate in this transaction that accomplishes three things. One, it's gonna give them some liquidity to refinance out some of their other debt. Two, it's going to remove the most onerou…”
Examiner found $5B in potential claims against Caesars and PE executives
“Richard Davis, a former Watergate prosecutor, chosen as an examiner at the beginning of the case and gets deep access and interviews, you know, 75 different people who are designing and behind these transactions. Goes through millions of documents with a team …”
GSO and BlackRock received roughly $220 million for Caesars B-7 loan
“First they had to get a couple of commitments from GSO and from BlackRock, which I think they committed to about half of this 1.7 billion dollar renew financing to be the seventh tranche of this term loan. And they got something like two hundred twenty million…”
Caesars creditors achieved above-par recoveries across debt tranches in restructuring
“You're talking about there was a 66 cent settlement for the second liens, but that came with equity options that ultimately took that above par. For the first liens, they were paid out at par plus these convertible preferred that brought that well above par. T…”
Apollo raised record PE fund following Caesars bankruptcy loss
“And while it was a Huge loss for Apollo and TPG. Their reputations of being able to fight for their LPs allowed them to immediately after the conclusion of the bankruptcy and the confirmation in 2017, two years later, they raised the largest private equity fun…”
Caesars second-lien holders filed involuntary bankruptcy ahead of Apollo
“And at this point, because the second liens have been shunted from the negotiations, they have a plan to file an involuntary bankruptcy, which is very rare. They pushed that two days prior to the bankruptcy that Caesars is filing.”
Caesars sold interactive gaming unit for $4B to fund bankruptcy settlement
“The interactive gaming business that is just kind of chugging along wasn't even allowed to pursue online gambling and just wound up being sort of a not for gambling poker game on your cell phone with the world series of poker brand winds up becoming a four bil…”
Dave Miller's Caesars instrument made Elliott Management nine figures
“Dave Miller Home run with this incredibly innovative convertible preferred instrument that he just slipped into the RSA and continued to get like re-upped as the Caesars case went on. It probably made Elliott nine figures.”