Casino giant Caesars and a group of its creditors traded competing lawsuits over the company's plans to rework its more than $20 billion debt load, the Wall Street Journal reported today. A representative for junior bondholders of Caesars Entertainment Operating Co., one of the companies that controls Caesars's more than 50 casinos, filed a lawsuit on Monday accusing Caesars of moving assets between entities to protect its "good" assets from creditors as the rest of the company's financial condition deteriorated. Caesars, meanwhile, filed its own lawsuit yesterday accusing a group of mostly junior bondholders of trying to push Caesars Entertainment Operating into default by interfering in the company's restructuring efforts. The dueling lawsuits are the latest moves in the contentious restructuring of the Caesars Entertainment Corp. group, which has struggled since private-equity firms Apollo Global Management LLC and TPG led a roughly $30 billion leveraged buyout of the company in 2008.
