Caesars Entertainment Operating Co. (CEOC), the main operating unit of Caesars Entertainment Corp., said that it will not pay $225 million in bond interest payments, triggering a default on its $18.4 billion debt, Reuters reported yesterday. CEOC has elected not to pay interest payments due Dec. 15 in light of the ongoing discussions with the first lien bondholders with respect to a restructuring, the company said in a regulatory filing on Monday. Caesars has been waging a battle with its creditors over its efforts to restructure operations, but those conversations have not led to a deal. A group of first-lien bank lenders and a bondholder released details of negotiations of the debt-restructuring plan after a confidentiality agreement ended today.
