Caesars Entertainment Corp and its noteholders traded lawsuits on Tuesday over its restructuring, with creditors saying Caesars was fraudulently transferring assets and the company claiming investors were seeking a default to turn a profit.Wilmington Savings Fund Society, a noteholder representative, sued overnight in Delaware's Court of Chancery seeking to unwind recent sales of major Las Vegas properties such as Octavius Tower by Caesars Entertainment Operating Co Inc, or CEOC.The noteholders said in their lawsuit that billions of dollars of assets were transferred out of CEOC, putting the properties beyond the reach of creditors in what they said was preparation for a default on some of its $25 billion in debt.Caesars Entertainment has said it was preparing the CEOC unit for a stock market listing, and that the asset transfers to other Caesars' units allowed CEOC to build a $3 billion cash pile while shedding capital-intensive projects.
Caesars Entertainment Corporation, is a diversified casino-entertainment provider. Shares of CZR fell by 6.26% or $-0.88/share to $13.17. In the past year, the shares have traded as low as $13.90 and as high as $26.74. On average, 912328 shares of CZR exchange hands on a given day and today's volume is recorded at 884187.
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