Leon Black, Paul Singer Battle Over Caesars’ $25B Debt

Leon Black’s Apollo Global Management LLC and Paul Singer’s Elliott Management Corp. are in a bitter fight over Caesars Entertainment’s $25 billion debt. While Apollo wanted to preserve its ownership stake in Caesars, Elliot Management was loath to accept less than it’s owed on Caesars’ loans. Caesars Entertainment’s latest deal As reported by ValueWalk, Paul Singer’s Elliot Management sought an earlier Chapter 11 bankruptcy for Caesars Entertainment Corp. through a lawsuit. The activist hedge fund owns a huge credit-default position in a subsidiary of Caesars Entertainment Corp., which is owned by Apollo Global Management and TPG Capital. Market observers believed Elliot…