Caesars Offer Extra $1.6 Billion To Creditors
The ongoing bankruptcy case involving Caesars Entertainment took a new turn yesterday as the besieged company offered an extra $1.68 billion to its creditors in an attempt to get things settled and out of the courthouse.
Caesars had previously been trying to extend their protection time against creditors suing them, but last month a judge told them that time was up. Since then they have been scrambling to try to make as many deals as possible in order to avoid multiple lawsuits. Last week the same judge in the case told Caesars executives to dispose their personal financial details to creditors as well, something that the company had been fighting against. The judge said that by revealing their sources of personal wealth, they could avoid the threat of criminal fraud charges being placed against them. Now all cards seem to be on the table, Caesars appears to be offering more money in order to clear things up.
They had previously offer $4 billion in payments and that has now jumped up to almost $6 billion. Still, that falls short of the $12 billion that creditors are saying that they are owned by Caesars. The extra $1.68 billion will be coming from the company and it's directors, mostly in the form of stock.
The news of Caesars offer to increase their payment to their creditors pushed up their stock price yesterday by over 21 percent, closing at $8.10 per share.