The Caesars bankruptcy put a twist on the old-fashioned casino heist. On the other: the likes of Elliott Management, Oaktree Capital, and Appaloosa Management. On one side: Apollo Global Management and TPG Capital. In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards.
It was the most brutal corporate restructuring in Wall Street history.
