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In Part II of this three-part case study of Sujeet Indap and Max Frumes' book Caesars Palace Coup, we pick up in 2008 after Apollo and TPG's $30bn Leveraged Buyout of Caesars closed.  With the economy immediately taking a nosedive, Apollo spearheaded a series of restructurings to stave off bankruptcy.  These restructurings ranged from more vanilla "distress-for-control" maneuvers to extremely questionable, cloak-and-dagger asset transfers and severing of guarantees.  These ultimately culminated in a showdown between the titans of Private Equity and the creditors they'd effectively superseded through expert manipulation of Caesars' legal and capital structures.

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