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This web page has been established as a courtesy to provide public access to certain information of interest to holders of the following notes issued by Caesars Entertainment Operating Company, Inc. (CEOC):

  • 6.50 percent Senior Notes due 2016 (the 2016 Notes)
  • 5.75 percent Senior Notes due 2017 (the 2017 Notes, and collectively with the 2016 Notes, the Notes)

On August 12, 2014 CEOC announced in an 8-K Filing with the Securities and Exchange Commission (the SEC) that it had entered into a Note Purchase and Support Agreement with certain holders of the 2016 Notes and the 2017 Notes, pursuant to which, among other things, those holders agreed to sell to CEOC and Caesars Entertainment Corporation (CEC), CEOC’s corporate parent, an aggregate principal amount of approximately $89.4 million of the 2016 Notes and an aggregate principal amount of approximately $66.0 million of the 2017 Notes, with each of CEC and CEOC paying $77.7 million ratably in cash to such holders, plus accrued and unpaid interest paid by CEOC. CEC also agreed to contribute no less than $393 million aggregate principal amount of Notes to CEOC for cancellation. Certain of the Noteholders executing the Note Purchase and Support Agreement also agreed to consent to certain purported amendments to the indentures governing the Notes and agreed for a period of 180 days from the closing of the transactions contemplated by the Note Purchase and Support Agreement or until the occurrence of a “credit event” to consent to or approve a restructuring of the Notes.    

On September 3, 2014, certain beneficial holders of the 2016 Notes and the 2017 Notes who were not parties to the Note Purchase and Support Agreement filed an eight-count Complaint for Declaratory Relief and Damages (the Complaint) in the United States District Court for the Southern District of New York, Case No. 14-cv-7091. The Complaint seeks a declaratory judgment that CEC’s guarantees of the Notes and the indenture covenants prohibiting certain fundamental changes to the company (including the sale or transfer of all or substantially all of the company’s assets) are in full force and effect, a declaratory judgment that the supplemental indentures filed with the SEC on August 25, 2014, purporting to amend the Notes indentures are void ab initio, and damages arising from violations of the Trust Indenture Act, breaches of the indenture and guarantees and breaches of the duty of good faith and fair dealing.

Drinker Biddle & Reath LLP, counsel for the Noteholders who filed the Complaint, has established this web page.

Certain public information has been posted to this web page and may be accessed by clicking on the links below. Additional public information may be posted from time to time. The web page is not sponsored or authorized by CEOC or CEC.

That information is grouped by category. To access it, please use the links below:
 

SDNY Litigation

Related SDNY Litigation

Bankruptcy Litigation

Other Topics of Interest

 

Questions regarding the materials posted on this web page may be addressed to:

James Millar

Drinker Biddle & Reath LLP
1177 Avenue of the Americas

41st Floor

New York, N.Y. 10036

Tel: (212) 248-3264

Fax: (212) 248-3141

E-mail: James.Millar dbr.com

Kristin Going

Drinker Biddle & Reath LLP
1500 K Street, N.W.

Suite 1100

Washington, D.C. 20005

Tel: (202) 230-5177

Fax: (202) 842-8465

E-mail: Kristin.Going dbr.com

Clay Pierce

Drinker Biddle & Reath LLP
1177 Avenue of the Americas

41st Floor

New York, N.Y. 10036

Tel: (212) 248-3186

Fax: (212) 248-3141

E-mail: Clay.Pierce dbr.com

 

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