Caesars Entertainment’s operator of Caesars Palace and Harrah’s Casinos is trying to deal, once again, with its overwhelming debt left over from its 2006 leveraged buyout. This time it has come up with a plan that would yank guarantees out from under junior bondholders, some of whom, like Appaloosa Management, Canyon Capital and Oaktree Capital, are pretty big hedge funds, not used to that kind of treatment. But with declining gambling revenues, Caesars had to turn to its latest gamble.
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