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Packer Gets Crown Exit Path With $2.3 Billion Oaktree Offer


Packer Gets Crown Exit Path With $2.3 Billion Oaktree Offer
Bloomberg
1 hr ago
Angus Whitley
© Bloomberg
Billionaire James Packer, co-chairman of Melco Crown Entertainment Ltd., attends a news conference at Melco s Studio City casino resort in Macau, China, on Tuesday, Oct. 27, 2015.
(Bloomberg) James Packer has a potential new exit path from troubled casino operator Crown Resorts Ltd. after Oaktree Capital Management LP offered to help Crown fund a purchase of the billionaire’s shares.
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Oaktree has offered as much as A$3 billion ($2.3 billion) in financing for the deal through a “structured investment,” Crown said Monday. According to the proposal, Crown would use the funds to buy some or all of Packer’s 37% stake in Crown. ....

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