Tue Dec 16, 2014 2:03am EST
Dec 16 (Reuters) - Caesars Entertainment Operating Co (CEOC), the main operating unit of Caesars Entertainment Corp , said it will not pay $225 million in bond interest payments, triggering a default on its $18.4 billion debt.
CEOC has elected not to pay interest payments due Dec. 15 in light of the ongoing discussions with the first lien bondholders with respect to a restructuring, the company said in a regulatory filing on Monday.
Caesars has been waging a battle with its creditors over its efforts to restructure operations. The conversations have not led to a deal.
A group of first-lien bank lenders and a bondholder released details of negotiations of the debt-restructuring plan after a confidentiality agreement ended on Wednesday.
In November, Caesars said that CEOC would run out of liquidity by the fourth quarter next year and likely would not be able to continue as "a going concern."
As of Sept. 30, CEOC had about $1.5 billion of cash and cash equivalents, according to the filing.
Caesars had earlier warned it may file for bankruptcy if it cannot file a plan to satisfy its creditors.
No assurances can be made that a restructuring will be implemented or that an agreement will be reached between CEC, CEOC and its creditors on the terms of a restructuring, CEOC said in the filing.
Caesars Entertainment, which changed its name from Harrah's Entertainment, was taken private in a $28 billion buyout by Apollo and Texas Pacific Group in 2007. (Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)
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