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Caesars Hedge Fund Debt Battle Triggers Dueling Lawsuits

Bloomberg – Caesars Entertainment Corp. (CZR)’s negotiations with noteholders challenging efforts to restructure $12.7 billion in debt spilled into court, as the casino company claimed hedge funds want to force a default while a bond trustee alleged Caesars is squandering assets.

Caesars sued more than 30 bondholders, including funds overseen by Appaloosa Management LP, Oaktree Capital Group Holdings LP and Elliott Management Corp. Caesars accused them in a statement of attempting to impede the restructuring with “disruptive appearances before gaming regulators” and “a baseless default notice.”

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