Efforts by Apollo and TPG to salvage something from their $30 bln casino buyout largely failed after creditors fought back. Under a new deal, junior lenders will recover 66 cents on the dollar. Most debt investors bow to lame terms, however, meaning Caesars will be an exception.
TPG and Silver Lake, two private-equity shops in talks with Dell about a buyout, have a history of investing in large technology deals together.
Lenders involved in the financing of a large leveraged buyout, including Bank of America Merrill Lynch and Morgan Stanley, have decided to delay selling the debt in the face of investor caution.
What sounds like a gambling tragedy is the perplexing, yet true, story of the buyout of Caesars Entertainment by TPG and Apollo. The deal, struck at the height of the bubble, has been a tough one. Co-investors are in such a hurry to...
Two private equity owners, TPG and Apollo Global Management, are hoping to use the bankruptcy to salvage as much as they can, but they are facing opposition from some of Wall Street’s biggest investors.