The Caesars Palace marquee appears in this file photo. (Source: CNN) LAS VEGAS (AP) – Caesars Entertainment Corp. authorities say they won’t make a $225 million interest payment due Monday on some of its debt as the company keeps negotiating with senior bondholders to restructure the company’s finances. The company asserted Monday in a financial filing in that the agreements with its creditors allowed Caesars 30-days to make the payment before it would trigger the company’s default. Caesars has-been talking with senior creditors for many months in hopes of creating a pre-packaged bankruptcy plan. Some of those creditors have stopped negotiating and revealed the company’s proposal to split its debt-heavy operations division in to a real estate investment trust with one entity owning the real estate and another paying to lease and administer them. Caesars had $1.5 billion in cash as of September 30. Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Read the rest…Caesars misses $225 million interest payment
Source:
http://ift.tt/1GLACR1