Caesars Entertainment Corp. will now contribute more than $5 billion to its operating unit’s restructuring in its final settlement offer to disgruntled bondholders, the Wall Street Journal reported today. David Seligman, a lawyer for the bankrupt Caesars Entertainment Operating Co., or CEOC, unit, said in bankruptcy court that a prior pledge of about $4 billion has increased by about $1.2 billion, which he called the “best and final proposal” in long-running negotiations with CEOC creditors and Caesars. The increased value includes setting additional Caesars equity aside for CEOC’s creditors, the result of current Caesars backers Apollo Global Management and TPG agreeing to surrender their equity, valued at more than $950 million, in the company. Another $100 million will come from directors’ and officers’ insurance policies, Seligman said.
