Caesars Entertainment (CZR) presented a plan to creditors that would restructure the debt obligations of its biggest unit by turning it into a REIT. Under the proposal, holders of about $5.36 billion of loans would receive 100 cents on the dollar through a combination of cash and debt, the filing said. First-lien bondholders who own $6.35 billion of securities would get 93.8 cents on the dollar in cash, debt and equity. If the proposal were adopted, the company would be following other casino co’s that have pursued a similar strategy. Source: Filing
REIT Conversion
