Caesars at War with Investors Over $24 Billion Debt

Caesars at War with Investors Over $24 Billion Debt

Caesars CEO Gary Loveman says his business shall not be held hostage by speculators.

The battle between Caesars Entertainment and its bondholders was ramped up a notch this week as the casino giant filed a lawsuit against a large part of its investors, claiming they’ve been attempting to impede the business’s efforts to restructure its debt process, an activity that is important to avoid bankruptcy.

Despite being the best-known casino business in the world, Caesars’ long-term financial obligation is colossal, standing at an industry all-time high of $23 billion, which outstrips the bankrupt city of Detroit. In May, the organization announced a means of debt restructuring, which, while not eliminating any debt that is long-term would wipe out more than $1 billion of payments due in 2015.

The process, according to Caesars Chairman and CEO Gary Loveman, would ‘lay the inspiration for both de-leveraging that is significant value creation at Caesars Entertainment.’

Provide Us Your Ears…and Everything Else

‘Upon conclusion of the credit facility amendment … Caesars will have added headroom under its maintenance covenant, providing Caesars with additional security to execute its company plan,’ he added. ‘If Caesars successfully lists its equity securities, this independent listing should help facilitate the eventual raising of equity in addition to liability administration and debt reduction initiatives.’

However, as M Continue reading “Caesars at War with Investors Over $24 Billion Debt”

Paddy Power Admits to 2010 Hack of Customer Data

Paddy Power Admits to 2010 Hack of Customer Data

Paddy energy is facing criticism for their slow response to a 2010 hacking event. (Image: Kake Pugh/Flickr)

Across-the-pond sports betting operation Paddy Power is no stranger to finding how to get its name to the news. From controversial promotions to crazy ads, the Irish bookmaker is ready to do anything to increase their public profile. But this week, Paddy energy found itself headlines that are making a way that certainly wasn’t intentional.

Paddy energy made the admission that nearly 650,000 customers had their personal information stolen in a web page hack that took place way back this year. The bookmaker made the admission even as the company had been preparing to see specific customers of the incident.

No Financial Information Stolen

The stolen information included basic personal information on each player: names, addresses, times of delivery, and the like. There have been additionally the answers to the questions that are personal used to verify their identities. Critically, there was clearly no information that is financial as credit card numbers contained in the stolen information.

‘We sincerely regret that this breach took place and we apologise to people who have been inconvenienced being a result,’ stated Peter O’Donovan, managing director of Paddy energy’s online operations. ‘We take our responsibilities regarding customer data extremely seriously and have conducted an extensive investigation to the breac Continue reading “Paddy Power Admits to 2010 Hack of Customer Data”