Lenders of Harrah’s Entertainment have agreed to extend five years to 2015 $5.5 billion of maturities. Under the latest amendment to its lending agreement, Harrah’s will repurchase $124 million face value of commercial mortgage-backed securities loans for $37 million and will pay lenders an additional $48 million for $950 million of loan it has acquired for $237 million. The agreement buys the company time to pay down its debt and work to boost earnings.
Click here to read the release from Harrah’s Entertainment.