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At 8x EBITDA, the CEOC assets are worth $12 billion, approximately $9 billion less than current debt. The benchmark second lien bonds due in 2018 have traded to the mid-50s cents on the dollar as bondholders realize there is not enough value to cover their debt obligations. The sponsors therefore recently announced a plan to invest in a newly formed public vehicle, Caesars Acquisition Company (CAC), which unlike CZR is not obligated to repay CEOC and CMBS debt.

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Fecha de Inicio11.10.2013 05:00
Fecha Final10.03.2014 05:00
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