Billionaire Paul Singer is using to strong arm tactics to force Apollo Caesar’s Entertainment to file Chapter 11 before December 19, according to the New York Post. Singer’s Elliot Management owns a sizeable credit default position in a Caesar’s division.
Caesars, overwhelmed with debt, was expected to file for bankruptcy on January 14, but Singer’s CDs expire on December 19, so he brought the issue to court, and asked a judge to force Caesar’s to file bankruptcy soon to ensure that executives engage in “outright looting” of assets.
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Singer’s suit names Caesar’s directors, Marc Rowan and NFL Hall of Famer Lynn Swann, and alleges an “epic and fraudulent scheme” to cheat $4 billion by selling assets to two related divisions.
Caesar’s other bondholders disagree with Singer, and want the bankruptcy to be delayed until January 14, since the company can’t move the relevant cash to its balance sheet until then.
